OctaFX | OctaFX Forex Broker
Open trading account

USD/CAD challenging 1.1300

FXStreet (Edinburgh) - The greenback is extending its weakness on Monday, dragging USD/CAD to re-visit the 1.1300 handle and losing ground for the second consecutive session.

USD/CAD eyes on US/CAD data

The recent disappointing results from October’s Payrolls in the US economy (214K) prompted investors to take profits on the recent and strong USD advance, although a change in the underlying upside remains highly unlikely. Ahead in the session, Canadian Building Permits (200.0K exp.) is due ahead of the Fed’s Labour Market Conditions Index. According to Shaun Osborne, Chief FX Strategist at TD Securities, “We still think the overall uptrend in USDCAD prevails while support in the upper 1.11s holds. Look to buy dips”.

USD/CAD levels to watch

The pair is now retreating 0.17% en 1.1312 with the next support at 1.1294 (Tenkan Sen) ahead of 1.1264 (low Nov.3) and then 1.1244 (30-d MA). On the flip side, a breakout of 1.1337 (high Nv.10) would target 1.1400 (psychological level) en route to 1.1450 (high Nov.7).

Dollar overextended – faces event risks this week - MarketPulse

Dean Popplewell, Director of Currency Analysis and Research at MarketPulse, sees the overextended U. S dollar long positions remaining under pressure on this Monday morning, mostly in the wake of the slightly disappointing non-farm-payroll print last Friday.
Read more Previous

GBPUSD: Triggers Corrective Recovery – FXT

Mohammed Isad of FXTechstrategy comments on GBP triggering a correction higher, and sees it continuing to maintain its broader downside pressure in the medium term.
Read more Next
Start livechat