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USD/CAD in fresh lows sub-1.1350

FXStreet (Edinburgh) - After being rejected from the 1.1390 area, USD/CAD has tumbled to the region of session lows around 1.1350/45 on Friday.

USD/CAD softer despite good US data

The recovery from previous lows in sub-1.1360 levels proved to be ephemeral despite US Retail Sales surpassed forecasts during October, growing 0.2% inter-month. Spot is back on the red territory and challenging session lows closer to 1.1350 ahead of the speech by Fed’s Bullard and the Consumer Sentiment gauge by the Reuters/Michigan index. In the opinion of Camilla Sutton, Chief FX Strategist at Scotiabank, technical studies are mixed, “as spot has failed to reach a fresh high, upward momentum has been lost and studies have shifted to a less bullish stance; likely warning of a temporary period of range trading”.

USD/CAD levels to watch

The pair is now losing 0.26% en 1.1344 with the immediate support at 1.1300 (low Nov.13) followed by 1.1294 (Kijun Sen) and then 1.1281 (low Nov.12). On the upside, a break above 1.1402 (high Nov.11) would aim for 1.1450 (high Nov.7) and then 1.1466 (high Nov.5).

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