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USD/CAD in narrow range around 1.1250

FXStreet (Edinburgh) - The US dollar is sidelining vs. its fellow neighbor on Monday, taking USD/CAD to a tight range between 1.1260 and 1.1280 so far.

USD/CAD eyes on the BoC

The pair has started the week almost unchanged, looking to consolidate the recent decline after posting multi-year tops in the boundaries of 1.1400 the figure last week. Currently meandering around the mid-1.1200s, the main events for the CAD ahead in the week will be the BoC monetary policy meeting on Wednesday, followed in importance by Retail Sales. From the other side of the border, US housing data, CPI figures and manufacturing gauges will add to the potential catalysts. Shaun Osborne, Chief FX Strategist at TD Securities, commented, “dips to the 1.1220/30 were well-supported last week and firm, underlying trend momentum suggests limited downside for the market initially this week at least. From here, we might need a break below 1.12 or above 1.14 to get a better sense of direction”.

USD/CAD important levels

The pair is now retreating 0.13% at 1.1262 facing the next support at 1.1234 (Tenkan Sen) followed by 1.1211 (low Oct.17) and finally 1.1205 (23.6% of 1.0620-1.1385). On the upside, a break above 1.1294 (high Oct.20) would target 1.1360 (high Oct.16) en route to 1.1385 (2014 high Oct.15).

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