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USD/CAD dips to 1.1170

FXStreet (Edinburgh) - The US dollar is depreciating vs. its Canadian counterpart on Thursday, dragging USD/CAD to session lows in sub-1.1170 levels.

USD/CAD weaker post-data

Spot failed to sustain a recovery beyond 1.1200 the figure, dropping instead to session lows around 1.1170/65 after the US GDP expanded 3.5% on a yearly basis during the third quarter. Further US data showed Initial Claims generally in line with expectations at 287K in the week ending on October 25th. Chairwoman Yellen is giving a speech at the moment, although markets seem to remain on the sidelines for the time being. According to Shaun Osborne, Chief FX Strategist at TD Securities, “with technical support holding and our spot FV estimate signalling a mild CAD over-valuation, we have to look for gains to extend higher through 1.1220 near-term”.

USD/CAD significant levels

At the moment the pair is down 0.01% at 1.1181 with the next support at 1.1122 (low Oct.29) ahead of 1.1093 (38.2% of 1.0620-1.1385) followed by 1.1082 (low Oct.9). On the upside, a break above 1.1223 (high Oct.30) would target 1.1255 (high Oct.27) en route to 1.1263 (high Oct.23).

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