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USD/CAD in dips near 1.0830

FXStreet (Edinburgh) - The greenback is losing the grip on Friday, dragging the USD/CAD to test fresh lows in the 1.0830 region.

USD/CAD softer after data

Spot is coming down from the 1.0850 region after the Canadian GDP figures surprised to the upside, showing a monthly expansion of 0.3% during June, up from the 0.2% forecasted. In the US docket, the inflation tracked by the PCE rose 1.6% YoY in July and Core PCE gained 1.5%; Personal Income rose below estimates 0.2% while Personal Spending contracted 0.1% vs. a forecast for a 0.2% advance. “On the short-term charts, the lack of any rebound in spot after the mid-week sell-off leaves USDCAD consolidating ahead of another leg lower; a small and perfectly-formed triangle on the 6-hour chart suggests the move lower will resume below 1.0843. Resistance is 1.0860”, observed Shaun Osborne, Chief FX Strategist at TD Securities.

USD/CAD levels to watch

The pair is now losing 0.17% at 1.0842 with the immediate support at 1.0829 (low Aug.27) ahead of 1.0796 (low Jul.29) and then 1.0764 (61.8% of 1.0620-1.0998). On the upside, a break above 1.0888 (200-d MA) would target 1.0921 (10-d MA) en route to 1.0956 (high Aug.27).

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