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USD/CAD recovers to 1.0970

FXStreet (Edinburgh) - The greenback is trimming earlier losses on Wednesday, pushing the USD/CAD back to the 1.0970 area after dipping to the mid 1.0900s.

USD/CAD eyes on US data, FOMC

Spot is looking to regain the recent shine, netting an even day so far and trying hard to revert the weekly drop from the proximity of 1.1100 the figure. Ahead in the day, consumer prices tracked by the CPI and the NAHB index in the US economy will precede the FOMC statement and subsequent press conference by Janet Yellen. Shaun Osborne, Chief FX Strategist at TD Securities, assessed “We still think the USD may struggle to gain a lot more altitude just yet and we still rather think the greenback is subject to some seasonal headwinds that may yet see funds trade back on a 1.08 handle in the next couple of weeks. We are carefully monitoring price action for buying opportunities though as we fully expect USDCAD to trade higher—retesting the 1.12 area— into the end of the year”.

USD/CAD significant levels

As of writing the pair is up 0.04% at 1.0974 and a breakout of 1.1072 (high Sep.16) would aim for 1.1100 (high Sep.15) and then 1.1106 (high Mar.27). On the downside, the initial support lines up at 1.0941 (low Sep/17) followed by 1.0938 (30-d MA) and finally 1.0934 (low Sep.10).

Further decrease in UK unemployment rate - BNP Paribas

Catherine Stephan, economist at BNP Paribas, comments on the UK jobs data released in the European morning and showing a drop in the unemployment rate from 6.4% in June to 6.2% in July, the lowest level seen since the autumn of 2008.
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