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USD/CAD looking to recover 1.1300

FXStreet (Edinburgh) - After bottoming out in sub-1.1270 levels, USD/CAD is now recovering the ground lost and aiming for the 1.1300 handle.

USD/CAD eyes on US docket

Spot is advancing for the second consecutive session so far, targeting the interim resistance at Friday’s peaks around 1.1330 against a backdrop of a persistent USD strength. Next of relevance for the pair will be the reports of both Canadian and US manufacturing sectors, with the releases of the RBC PMI and the ISM and PMI gauged by Markit, respectively. According to the last CFTC report, strategists at Rabobank noted, “CAD positions were mostly consolidative, though soft oil prices have pushed CAD shorts to their highest level since June”.

USD/CAD levels to watch

As of writing the pair is advancing 0.14% at 1.1282 and a surpass of 1.1332 (high Oct.31) would open the door to 1.1360 (high oct.16) and then 1.1385 (2014 high Oct.15). On the other side, the immediate support lines up at 1.1264 (low Nov.3) ahead of 1.1227 (Tenkan Sen) and then 1.1183 (low Oct.31).

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