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USD/CAD firmer, eyes on 1.1290

FXStreet (Edinburgh) - Despite the ongoing USD-softness vs. its European peers, USD/CAD keeps ticking higher, extending the rebound from the mid-1.12s to the current proximity of 1.1290.

USD/CAD challenging peaks around 1.1290/1.1300

Spot continues to trim the earlier pullback, now trading closer to overnight peaks in the 1.12-1.13 band. The context remains mostly CAD-negative, amidst a clear selling bias around crude oil and ahead of the critical BoC monetary policy meeting due on Wednesday. “While the underlying trend remains constructive, short-term momentum is softening modestly. Short-term patterns favour a little more pressure on the 1.12 zone near-term”, observed Shaun Osborne, Chief FX Strategist at TD Securities.

USD/CAD key levels

As of writing the pair is up 0.03% at 1.1281 with the next hurdle at 1.1294 (high Oct.20) followed by 1.1360 (high Oct.16) and then 1.1385 (2014 high Oct.15). On the downside, a breach of 1.1234 (Tenkan Sen) would aim for 1.1211 (low Oct.17) and finally 1.1205 (23.6% of 1.0620-1.1385).

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