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USD/CAD recovers to 1.1380

FXStreet (Edinburgh) - After bottoming out in the 1.1360 region, USD/CAD is now gathering traction and re-testing the 1.1380/85 band.

USD/CAD reverting the drop

The pair is now trimming earlier losses, recovering the upper end of the range above 1.1380 ahead of the US docket, with Retail Sales and the Reuters/Michigan index. Market consensus expects headline retail sales to improve 0.2% during October and 0.2% excluding the Transportation sector. The Consumer Sentiment, tracked by the Reuters/Michigan index is expected at 87.5 for the present month, a tad better than the 86.9 posted in October.

USD/CAD levels to watch

The pair is now up 0.06% en 1.1382 and a breakout of 1.1402 (high Nov.11) would aim for 1.1450 (high Nov.7) and then 1.1466 (high Nov.5). On the downside, the initial support lines up at 1.1300 (low Nov.13) followed by 1.1294 (Kijun Sen) and then 1.1281 (low Nov.12).

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