USD/CAD: Price has room above 1.3200

Although Florida loves Trump, Biden inches closer to 270 required majority votes. Final results will take two more days, increased uncertainty can favor USD. Although Trump’s victory in Ohio offers a tough fight to the Democrats, his rival Joe Biden has 223 votes versus 270 required for a win, which in turn keeps the global markets hopeful of a blue wave. Traders cheer hopes of heavy stimulus if the Democratic Party dominates the US Congress amid mixed clues.

Risk barometers like S&P 500 Futures and the US 10-year Treasury yields fizzle the recent upside momentum. Monthly trade numbers from the US and Canada will join the American ADP Employment Change figures for October to offer intermediate moves.

Levels To Look For:
Daily Fibonacci 38.2% 1.3154
Daily Fibonacci 61.8% 1.3185