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USD/CAD flat around 1.1240

FXStreet (Edinburgh) - The greenback is trading almost unchanged vs. the Loonie on Monday, taking USD/CAD to the 1.1240/45 area.

USD/CAD in a narrow range

Spot continues to meander between 1.1230 and 1.1250, immersed in the prevailing lack of direction and absence of significant catalysts. In the data front, the pair seems to have left behind the poor releases from the US docket and getting ready for tomorrow’s more relevant Durable Goods Orders and Consumer Confidence. “We rather think the broader, choppy range will hold for a little longer so fading the 1.12/1.13 range extremes remains our strategy”, suggested Shaun Osborne, Chief FX Strategist at TD Securities.

USD/CAD key levels

At the moment the pair is advancing 0.07% at 1.1239 with the immediate resistance at 1.1263 (high Oct.23) followed by 1.1297 (high Oct.21) ahead of 1.1360 (high Oct.16). On the flip side, a breakdown of 1.1211 (21-d ) would expose 1.1184 (low Oct.22) and finally 1.1168 (low Oct.13).

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