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USD/CAD deflates from highs

FXStreet (Edinburgh) - The US dollar is now losing momentum, dragging USD/CAD back to the 1.1380/85 band on Tuesday.

USD/CAD capped by 1.1400

The intraday USD upside seems to have stalled around the 1.1400 handle early in the European morning, as bulls lacked conviction to climb and sustain higher levels. Nothing of note in the Canadian docket, whereas the US Business Optimism tracked by the NFIB index improved to 96.1 in October from 95.3 in the previous month. “The broader trend remains firmly higher, however, and we think short-term weakness will give way to medium-term gains in funds moving into 2015”,

USD/CAD levels to watch

The pair is now advancing 0.05% en 1.1380 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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