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USD/CAD returns to 1.1200

FXStreet (Edinburgh) - The greenback is giving away earlier gains on Wednesday, with USD/CAD meandering between 1.1200 and 1.1220.

USD/CAD focus on Canadian PMI

Spot is now coming down from a test of session highs above the 1.1220 level, following the release od better than expected ADP figures, showing that the US private sector added 213K jobs in September, surpassing both forecasts (210K) and August’s 202K (revised). Ahead in the day, the key RBC Manufacturing PMI is due, with consensus now expecting an improvement to 58.5 from 57.9 previous. In the opinion of Shaun Osborne, Chief FX Strategist at TD Securities, “intraday, we look for support at 1.1175/80; weakness below here would suggest a retest of the 1.1090/00 area potentially ahead of Friday’s trade data (disappointment here may be more of a challenge for the CAD in the short run). Dips back towards 1.11 should attract good buying interest”.

USD/CAD significant levels

As of writing the pair is losing 0.01% at 1.1196 with the next support at 1.1135 (low Sep.30) ahead of 1.1132 (low Sep.29) and finally 1.1093 (low Sep.26). On the upside, a break above 1.1223 (high Oct.1) would target 1.1279 (2014 high Mar.20) en route to the psychological mark at 1.1300.

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