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USD/CAD drops to lows near 1.1140

FXStreet (Edinburgh) - The greenback is surrendering earlier gains vs. its Canadian counterpart on Monday, dragging the USD/CAD to the lower end of the intraday range near 1.1140.

USD/CAD softer post-US data

Spot is coming lower after being rejected around the 1.1180 key barrier overnight, following a softer tone in the US dollar and data in general coincident with market expectations today: US inflation figures tracked by the PCE rose 1.5% on a yearly basis during August while Personal Income gained 0.3% and Personal Spending 0.5%, vs. 0.3% and 0.4% expected, respectively. Shaun Osborne, Chief FX Strategist at TD Securities, noted, “From a technical point of view, the broader trend higher in USDCAD is well-entrenched in the market; if we do see any corrective losses from the upper 1.11 area from here, we would expect losses to remain well-underpinned in the 1.1050/00 area”.

USD/CAD levels to watch

As of writing the pair is advancing 0.08% at 1.1156 and a surpass of 1.1178 (session high Sep.29) would target 1.1200 (psychological level) en route to 1.1279 (2014 high Mar.20), On the downside, the initial support aligns at 1.1138 (low Sep.29) followed by 1.1093 (low Sep.26) and finally 1.1053 (low Sep.24).

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