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USD/CAD in lows near 1.1220

FXStreet (Edinburgh) - The greenback is now running out of steam on Tuesday, dragging USD/CAD to print session lows in the 1.1220/15 area.

USD/CAD weaker on risk appetite

The renewed sentiment towards the risk appetite is pushing spot lower as markets remains on hold ahead of the critical FOMC meeting due tomorrow. Ahead in the session, Durable Goods Orders (0.6% exp.) and Consumer Confidence (87 exp.) will take centre stage in the US session, although it seems stronger catalysts will be needed to break the prevailing consolidative pattern either way. In the technical space, analysts at BBH noted “The US dollar could not get back above CAD1.13 in the first half of the week and came down to test CAD1.1180-1.1200 in the second half of the week. It has been unable to close below the 20-day average for a month. The MACDs are turning lower, though the RSI is in neutral”.

USD/CAD significant levels

At the moment the pair is down 0.26% at 1.1217 with the immediate support at 1.1186 (Kijun Line) ahead of 1.1184 (low Oct.22) and finally 1.1168 (low Oct.13). On the flip side, a breakout of 1.1255 (high Oct.27) would expose 1.1263 (high Oct.23) and then 1.1272 (Tenkan Line).

EUR/USD clings to 1.2700

Despite the positive mood in stocks markets, EUR/USD failed to hold above the 1.2700 level. although it remains broadly unchanged Tuesday as investors await the next series of US data and Fed statement Wednesday.
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