USD/CAD spikes to mid-1.3000s on fading NAFTA optimism

The USD/CAD pair finally broke out of its late Asian/early European session trading range and spiked to fresh session tops, around mid-1.3000s on the back of the latest NAFTA headlines.

According to a report by The Globe, talks between Canada and US trade negotiators have turned sour and Canadian officials have expressed concerns that a deal won't be met by the end of Friday.

This, against the backdrop of a modest pickup in the US Dollar demand was seen as a key factor behind the pair's latest leg of sudden upsurge witnessed over the past hour or so.

With trade-related developments turning out to be an exclusive driver, today's second-tier economic data seems unlikely to influence the pair's momentum on the last trading day of the week. 

Technical levels to watch

Subsequent up-move beyond weekly tops, around the 1.3065-70 region, now seems to assist the pair to aim back towards reclaiming the 1.3100 round figure mark. 

Om the flip side, the key 1.30 psychological mark now becomes an immediate support to defend, which if broken might turn the pair vulnerable to aim back towards retesting the 1.2900 handle.

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