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USD/CAD finds support at 1.1300

FXStreet (Edinburgh) - The greenback remains locked within a narrow range vs. the Loonie on Thursday, with USD/CAD trapped between 1.1300 and 1.1330 so far.

USD/CAD eyes on US data, BoC

The pair is losing ground for the third consecutive session so far, eroding Monday’s gains and returning to levels post-Payrolls around the 1.1300 handle. Today’s US docket is light, bringing the usual weekly report on the labour market, with Claims expected at 280K in the week ended on November 7th, whereas in Canada, the BoC Review seems to provide more volatility to the pair in light of the recent dovish appreciations by Governor S.Poloz. “USD/CAD remains in a well defi ned gentle medium term uptrend but on selected crosses the CAD should continue to forge ahead, most notably vs EUR and JPY as the ECB and the BoJ press ahead with balance sheet expansion”, suggested Richard Franulovich, Strategist at Westpac.

USD/CAD levels to watch

The pair is now losing 0.05% en 1.1309 with the immediate support at 1.1281 (low Nov.12) ahead of 1.1274 (Kijun Sen) and then 1.1264 (low Nov.3). On the upside, a breakout of 1.1359 (high Nov.12) would target 1.1402 (high Nov.11) en route to 1.1450 (high Nov.7).

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