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USD/CAD hits 3-week lows despite data

FXStreet (Córdoba) - USD/CAD extended the decline and printed fresh lows at the beginning of the American session, as currencies linked to commodities continue to outperform amid mild risk appetite.

The loonie is rising for a second day in a row versus its US counterpart, having dragged USD/CAD to its lowest level in 3 weeks. USD/CAD scored a low of 1.1121 in recent dealings, and remains vulnerable ahead of the Federal Reserve monetary policy decision.

The latest string of disappointing Canadian data did little to halt the CAD rally. Industrial production fell 0.4% in September versus a drop of 0.1% expected, while raw material prices declined 1.8% against -0.9% forecasted.

USD/CAD technical levels


At time of writing, USD/CAD is trading at 1.1125, recording a 0.39% loss so far on the day. As for technical levels, next supports are seen at 1.1100 (psychological level) and 1.1080 (Oct 9 low). On the flip side, resistances could now be found at 1.1173 (intraday high) and 1.1211 (20-day SMA).

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