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USD/CAD flirting with 1.1400

FXStreet (Edinburgh) - USD/CAD keeps the narrow range on Thursday, meandering between 1.1380 and 1.1420 amidst a pause in the USD rally and a recovery in crude oil prices.

USD/CAD eyes on US/Canada releases

In spite of the current knee-jerk, spot remains well underpinned by the solid bid undertone surrounding the greenback. On the opposite side of the road, depressed crude oil prices, a dovish stance from the BoC and mixed fundamentals in Canada remain supportive of a soft CAD so far. Later on in the NA session, US Initial Claims (285K exp.) and the PMI gauged by Ivey in Canada (57.0 exp.) will be in the spotlight.

USD/CAD levels to watch

The pair is now up 0.08% at 1.1398 with the next resistance at 1.1466 (high Nov.5) ahead of 1.1497 (day uptrend channel) and then 1.1500 (psychological level). On the flip side, a breakdown of 1.1340 (low Nov.4) would aim for 1.1300 (psychological level) and then 1.1294 (Tenkan Sen).

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