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USD/CAD flirting with 1.1400

FXStreet (Edinburgh) - The positive momentum in the US dollar is now pushing USD/CAD back to the doorsteps of 1.1400 the figure.

USD/CAD keeps recovering

Spot remains on its way to recover the ground lost in the wake of the US Payrolls last Friday, dropping more than a big-figure from the mid-1.1400s to the vicinity of the key support at 1.1300. The greenback will once again be the main catalyst of the pair’s price action during the present week, as the Canadian docket will be practically non-existent. Next of note in the US will be the Business Optimism index tracked by NFIB (95.3 prev.) ahead of the speech by Fed’s N.Kocherlakota. According to Camilla Sutton, Chief FX Strategist at Scotiabank, “studies are clinging to buy signals but most have los momentum and the MACD is warning of a bearish cross. Support lies at the November 3rd open of 1.1270 while resistance comes at Friday’s open of 1.1423”.

USD/CAD levels to watch

The pair is now advancing 0.12% en 1.1388 with the next resistance at 1.1402 (high Nov.11) ahead of 1.1450 (high Nov.7) and then 1.1466 (high Nov.5). On the downside, a break below 1.1368 (low Nov.11) would target 1.1316 (Tenkan Sen) and then 1.1300 (low Nov.10).

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