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USD/CAD retreats from highs

FXStreet (Edinburgh) - It seems the greenback is now taking a breather on Tuesday, pushing USD/CAD to another test of 1.1150 after hitting levels near 1.1190 in early trade.

USD/CAD focus on Fedspeak

Canadian second-tier data from Building Permits (-2.5% exp.) will be far from being a market mover today, whereas speeches by Fed’s Kocherlakota and Dudley due later carry the potential to at least bring in some volatility to the pair, as the current Fed’s ‘forward guidance’ will take centre stage. “On the charts, the rebound in funds overnight may be stalling in the upper 1.11s as our session gets underway and the overall impression of the price action from Monday is negative—a big, bearish engulfing line on the daily candle. That strongly suggests an important short-term – at least – top has formed in USDCAD very close to the March peak”, signaled Shaun Osborne, Chief FX Strategist at TD Securities.

USD/CAD key levels

The pair is now advancing 0.18% at 1.1153 and a surpass of 1.1265 (high Oct.6) would target 1.1279 (2014 high Mar.20) en route to 1.1300 (psychological level). On the downside, the immediate support lines up at 1.1129 (low Oct.7) followed by 1.1111 (low Oct.6) and finally 1.1100 (psychological level).

USD/JPY hovers around 108.55

Following a spike seen during the Asian session, USD/JPY resumed the downside, falling through the 109.00 mark to fresh 4-day low.
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