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USD/CAD rebounds from 1.1420

FXStreet (Edinburgh) - The greenback is trading on a softer tone vs. the CAD on Friday, pushing USD/CAD to visit the lower band of the range around 1.1420.

USD/CAD focus on US, Canada data

The upside bias continues to prevail in the pair, intensified after last Friday’s BoJ announcements of further easing measures in its monetary policy, boosting the US dollar to multi-year highs around 1.1470 (Wednesday). Ahead in the session US and Canadian labour market figures are due, with US Pyrolls pointing to an increase of 231K jobs in October while the Employment Change in Canada points to a decrease of 5.0K. “On the charts, though, the trend still looks very constructive, and a move towards 1.18 in the coming months appears as a distinct possibility. So, we would buy dips as they arise within a period of consolidation over the next couple of weeks”, observed Martin Schwerdtfeger, Strategist at TD Securities.

USD/CAD levels to consider

As of writing the pair is up 0.07% at 1.1435 with the next hurdle 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 1.1380 (low Nov.6) would aim for 1.1340 (low Nov.4) and finally 1.1300 (psychological level).

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