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USD/CAD clinches to 1.1200

FXStreet (Edinburgh) - The greenback is navigating in a very tight 20-pip range vs. its Canadian counterpart, with USD/CAD clinging to the 1.1200 neighbourhood.

USD/CAD eyes on US docket

The present week will be dominated by US data releases in general, with the first test for the greenback due on Wednesday following September’s Retail Sales. Market consensus expects headline sales to have contracted at a monthly pace of 0.1%, adding further selling pressure to the US dollar and putting the current upside to the test. “Big technical reversal signals (daily and, potentially, weekly) in the high 1.12s this week—right where USDCAD peaked in March—suggest an important, short-term (at least) top has formed. We want to sell USD gains back to near 1.1200”, suggested strategists at TD Securities.

USD/CAD key level

The pair is now losing 0.03% at 1.1197 and a breakdown of 1.1160 (low Oct.10) would aim for 1.1109 (21-d MA) and then 1.1082 (low Oct.9). On the flip side, the initial hurdle aligns at 1.1222 (high Oct.10) ahead of 1.1265 (high Oct.6) and finally 1.1279 (2014 high Mar.20).

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