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USD/CAD flat on the day but headed for weekly losses

FXStreet (Córdoba) - Canadian dollar failed to stage a durable rally on the back of solid domestic employment figures and is back trading flat on the day versus the greenback after some erratic intraday moves.

USD/CAD fell to a low of 1.1159 as the knee-jerk reaction but then bounced toward 1.1218 before finally settling around 1.1180. USD/CAD is virtually unchanged on the day but still on track for its first weekly loss in three.

USD/CAD technical outlook

“The short-term charts are showing little real directional intent, though; the message from the past couple of weeks is one of choppy, sideways range trading between the high 1.12s
and the upper 1.10s—a situation that is likely to continue for now”, said the TD Securities team. “Short-term resistance at 1.1220/25 should hold into the weekend (and a little beyond, considering the North American long weekend). We rather think the USD should ease modestly near-term towards the low 1.11/high 1.10 area”.

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