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USD/CAD breaches 1.1200

FXStreet (Edinburgh) - USD/CAD is putting the 1.1200 key support to the test on Friday, opening the door for a retest of recent lows in the 1.1190 neighbourhood.

USD/CAD vulnerable with the dollar

Better tone in the risk-on trade is now dragging spot lower, challenging the psychological support at 1.1200 the figure. The pair surrendered initial gains after being rejected at the 1.1230/35 band in early trade, sparking the current knee-jerk and thus prolonging the broader decline from weekly tops near 1.1300 the figure on Wednesday pre-BoC. Shaun Osborne, Chief FX Strategist at TD Securities, observed, “support levels are a little vague in the light of the choppiness seen earlier this week; the market has found steady support on the downside between 1.1188/1.1212 since Tuesday but the base of the consolidation range that appears to be developing now extends down to 1.1175 today”.

USD/CAD key levels

At the moment the pair is losing 0.26% at 1.1200 and a breach of 1.1184 (low Oct.22) would open the door to 1.1168 (low Oct.13). 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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