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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).

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