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USD/CAD remains above 1.1200

FXStreet (Edinburgh) - The greenback is managing to keep the trade above de 1.1200 handle on Friday, taking USD/CAD to the 1.1215/20 band so far.

USD/CAD focus on US docket

Spot keeps the narrow range in line with the broader trends in the global markets, now coming down from yesterday’s peaks near 1.1240. The only release in the US docket today will be the New Home Sales, expected at 0.470M during September. The calendar in the US economy will be the main driver of the pair in the upcoming week, as the next relevant publication in Canada will be next Friday’s GDP figures for the month of August. Camilla Sutton, Chief FX Strategist at Scotiabank, suggested, “with USDCAD trading within its recent range and technical signals pointing in diverging direction there is better risk reward elsewhere for near-term traders. Support lies at the recent low of 1.1184, with resistance at 1.1300”.

USD/CAD key levels

At the moment the pair is losing 0.14% at 1.1214 and a breach of 1.1208 (21-d MA) would open the door to 1.1207 (low Oct.23) and finally 1.1184 (low Oct.22). On the flip side, the initial hurdle aligns at 1.1263 (high Oct.23) followed by 1.1297 (high Oct.21) ahead of 1.1360 (high Oct.16).

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