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USD/CAD on its way to 1.1000?

FXStreet (Edinburgh) - The greenback is deflating vs. its neighbour south of the border on Tuesday, dragging the USD/CAD to the proximity of 1.1000 the figure.

USD/CAD softer after data

The CAD gained strength after Canadian Shipments surpassed expectations during July, expanding at a monthly pace of 2.5% vs. 1.0% forecasted and up from June’s 0.9% gain. Further data in the US economy showed producer prices banging on estimates at 0.0% inter-month and 1.8% on a yearly basis during the month of August. Next of relevance for the pair will be the speech by BoC Governor Poloz, due in the European evening. Strategists at TD Securities observed, “Losses yesterday slowed in the low 1.10s as expected, but we think the USD risks shifting a little lower still in the next 24 hours or so—especially if support at 1.1030/40 were to yield this morning. We think spot may trade down to 1.0965/75, taking back around half of the 1.0825/1.11 move up seen over the past week”.

USD/CAD significant levels

As of writing the pair is down 0.36% at 1.1014 with the immediate support at 1.0961 (10-d MA) ahead of 1.0955 (50% of 1.0810-1.1100) and finally 1.0940 (30-d MA). On the upside, a break above 1.1100 (high Sep.15) would open the door to 1.1106 (high Mar.27) and then 1.1123 (76.4% of 1.1279-1.0620).

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