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USD/CAD regains 1.0900

FXStreet (Edinburgh) - The greenback is inching higher on Monday, pushing the USD/CAD back to levels above the 1.0900 mark.

USD/CAD supported near 1.0800

Recent pullbacks in spot found decent support in the vicinity of 1.0800 the figure, although any bullish attempt seems to struggle to overcome the upper 1.09s so far. In the data front, Canadian Building Permits advanced 11.8% inter-month in July, surpassing estimates albeit lower than June’s print (16.4%). In the opinion of Shaun Osborne, Chief FX Strategist at TD Securities, “From the Bank of Canada’s perspective, Friday’s employment figures contribute to the narrative of continued slack in the economy, which will be absorbed gradually as the latter regains a stronger performance in the second half of the year… funds will spend some time trading in the 1.08-1.10 range and remain somewhat vulnerable to a drop to the 1.07s”, signaled Shaun Osborne, Chief FX Strategist at TD Securities.

USD/CAD relevant levels

The pair is now advancing 0.22% at 1.0904 with the next resistance at 1.0910 (high Sep.4) followed by 1.0943 (high Sep.3) and finally 1.0956 (high Aug.27). On the downside, a break below 1.0841 (low Sep.5) would open the door to 1.0821 (low Sep.4) and then 1.0810 (low Aug.29).

Canada Building Permits (MoM) came in at 11.8%, above forecasts (-10%) in July

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