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USD/CAD climbs to highs near 1.1160

FXStreet (Edinburgh) - The greenback is alive! The renewed buying interest around the USD is now pushing USD/CAD back to the mid-1.1100s and beyond, printing fresh intraday highs.

USD/CAD trimming losses

Spot is on its way to recover yesterday’s FOMC-induced pullback, dropping more than a big figure to find support in the 1.1085/80 area from tops around 1.1210. After several days of trading on the back footing, the demand for the US dollar seems to be reactivating, hurting the riskier assets at the same time. According to Shaun Osborne, Chief FX Strategist at TD Securities, “Short-tern trend momentum is turning bearish, which will limit near-term gains to the low/mid 1.11s. Fade short-term USD rallies”.

USD/CAD relevant levels

As of writing the pair is gaining 0.48% 1.1161 with the next up barrier at 1.1171 (Tenkan Sen) ahead of 1.1200 (psychological level) and then 1.1265 (high Oct.3). On the downside, a breach of 1.1071 (low Oct.2) would target 1.1056 (low Sep.25) en route to 1.1053 (low Sep.24).

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