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USD/CAD back below 1.1400 on data

FXStreet (Edinburgh) - USD/CAD is now deflating from recent multi-year peaks beyond 1.1420, following the softer result from the US external sector.

USD/CAD remains bid

Spot remain in the 1.1400 area after the US trade deficit widened to $43.03 billion during September, missing estimates for a $40.0 billion deficit and lower than August’s $39.99 billion deficit. Adding to the corrective knee-jerk, Canada posted a $0.71 billion trade surplus, leaving behind the previous deficit of $0.46 billion. Next of note will be US Factory Orders, with consensus expecting a contraction of 0.6% inter-month.

USD/CAD levels to consider

As of writing the pair is advancing 0.36% at 1.1398 and a surpass of 1.1446 (pivot point Nov.4) would open the door to 1.1497 (day uptrend channel) and then 1.1500 (psychological level). On the other side, the immediate support lines up at 1.1340 (low Nov.4) followed by 1.1264 (low Nov.3) ahead of 1.1253 (Tenkan Sen).

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