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USD/CAD side-lined around 1.1250

FXStreet (Edinburgh) - The greenback is extending its consolidative range on Tuesday, with the USD/CAD meandering around the mid-1.1200s.

USD/CAD down from tops near 1.1300

The softer sentiment surrounding the greenback dragged spot from overnight tops in the vicinity of 1.1300 the figure to the current lower band of the range in 1.1240/35. No data releases are due in Canada, whereas Existing Home Sales are expected at 5.10M in the US economy during September. “We think a break of 1.1190 is needed to open up the downside a bit more meaningfully (towards 1.10)”, noted Shaun Osborne, Chief FX Strategist at TD Securities.

USD/CAD key levels

As of writing the pair is down 0.41% at 1.1238 and , 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). On the flip side, the initial hurdle lines up at 1.1297 (high Oct.21) followed by 1.1360 (high Oct.16) and then 1.1385 (2014 high Oct.15).

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