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USD/CAD drifts to lows near 1.1230

FXStreet (Edinburgh) - The US dollar keeps losing ground vs. its Canadian counterpart on Friday, taking USD/CAD to intraday lows in the 1.1235/30 area.

USD/CAD focus on data

The pair continues to retrace Wednesday’s spike to multi-year peaks near 1.1400 the figure, falling for the third consecutive session so far. Ahead in the day, critical Canadian inflation figures are due later, with consensus expecting headline consumer prices to rise 2.0% on a year to September and Core prices at 2.1%. “Below 1.1230 suggests a return to the mid 1.11s. Holding 1.1230 may see a bounce higher to 1.1275/80”, notes Shaun Osborne, Chief FX Strategist at TD Securities.

USD/CAD significant levels

At the moment the pair is retreating 0.24% at 1.1230 facing the next support at 1.1205 (23.6% of 1.0620-1.1385) ahead of 1.1200 (psychological level) and then 1.1190 (low Oct.14). On the upside, a surpass of 1.1360 (high Oct.16) would target 1.1385 (2014 high Oct.16) en route to 1.1400 (psychological level).

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