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USD/CAD returned from highs

FXStreet (Edinburgh) - USD/CAD posted an ephemeral session high just beyond 1.1330, although the spiked was quickly faded after the US Initial Claims failed to surprise traders.

USD/CAD weaker post-data

Spot came back to the 1.1310/05 band after US Initial Claims climbed to 290K in the week ended on November 7th, missing consensus at 280K and up from last week’s 278K. Next of note will be the BoC Review, with increasing chances of another dovish statement by Governor Poloz, thus leaving the door open for further gains in the pair. Shaun Osborne, Chief FX Strategis at TD Securities, observed, “Intraday, we favour a little more downside in funds against resistance in at 1.1325; we spot support at 1.1255 and, stronger, at 1.1205/15”.

USD/CAD levels to watch

The pair is now up 0.10% en 1.1328 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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