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USD/CAD hovering over 1.1000

FXStreet (Edinburgh) - The greenback keeps its momentum alive on Wednesday, taking the USD/CAD to the boundaries of 1.1000 the figure.

USD/CAD bounces off 1.0960

Spot commenced the day on the right footing, climbing from overnight lows near 1.0960 to levels beyond 1.1010 backed by the ongoing USD strength. There is almost nothing in the data front, with only Canadian Capacity Utilization improving to 82.7% in the second quarter vs. 82.1% previous. “While we remain generally bullish on the outlook for USDCAD, we think short-term risks are geared more towards a drop back to the 1.08 area rather than pushing north of 1.10. Intraday, price action looks soft and we think the high for our session might already be in”, observed Shaun Osborne, Chief FX Strategist at TD Securities.

USD/CAD relevant levels

The pair is now advancing 0.10% at 1.0996 with the next resistance at 1.1053 (high Apr.23) followed by 1.1078 (high Mar.28) and finally 1.1100 (psychological mark). On the downside, a break below 1.0923 (30-d MA) would open the door to 1.0921 (Tenkan Sen) and then 1.0912 (10-d MA).

EUR/USD slips below 1.2900 after SNB reports

EUR/USD has come under renewed pressure sliding back below the 1.2900 level amid reports saying the Swiss National Bank is open to negative interest rates.
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