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USD/CAD supported near 1.1320

FXStreet (Edinburgh) - The USD intraday decline seems to have found decent support around the 1.1320 level on Tuesday, with USD/CAD now attempting to regain 1.1350.

USD/CAD down from 1.1400

Spot remains in the negative ground, correcting lower from peaks just above 1.1400 the figure amidst a resurgence of the offered tone around the US dollar. Empty dockets in both Canada and the US left spot vulnerable to the broader risk trends, resulting in quite a choppy session. “We still rather think the USD may soften modestly in the next week or little more in light of the bearish short-term technical signals that evolved last week”, noted analysts at TD Securities.

USD/CAD levels to watch

The pair is now retreating 0.29% en 1.1340 and a break below 1.1316 (Tenkan Sen) would open the door to 1.1300 (low Nov.10) and the 1.1294 (50% Fibo). On the flip side, the immediate hurdle aligns at 1.1402 (high Nov.11) ahead of 1.1450 (high Nov.7) and then 1.1466 (high Nov.5).

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