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USD/CAD advances to 1.1280

FXStreet (Edinburgh) - The greenback is gathering pace now, lifting USD/CAD back to the 1.1280 region as we enter the last part of the NA session.

USD/CAD rebounded from 1.1220

After bottoming out in the 1.1230/20 area during the European afternoon, spot managed to reclaim ground lost and sparked the current recovery to the 1.1275/80 band. Better results from the Reuters/Michigan index helped the pair to regain upside momentum and print session highs at the same time. Camilla Sutton, Chief FX Strategist at Scotiabank, argued the technicals remains bullish in the short term, “momentum is fading but they have yet to actually shift, with most studies still clinging to long USDCAD signals. A close below Tuesday’s open of 1.1199 would confirm a shift and provide the catalyst for long USDCAD closing. Support beyond there is weak and comes in at 1.1150. Resistance lies at the recent high of 1.1385”.

USD/CAD significant levels

At the moment the pair is up 0.15% at 1.1275 and a surpass of 1.1360 (high Oct.16) would target 1.1385 (2014 high Oct.16) en route to 1.1400 (psychological level). On the downside, the initial support lines up at 1.1205 (23.6% of 1.0620-1.1385) ahead of 1.1200 (psychological level) and then 1.1190 (low Oct.14).

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