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USD/CAD keeps the range above 1.1300

FXStreet (Edinburgh) - USD/CAD keeps the composure after the US releases on Monday, hovering over the 1.1315/20 area.

USD/CAD consolidates above 1.1300

The bid tone stays intact around the USD today despite mixed results from the US docket in October, as Capacity Utilization fell to 78.9% vs. 79.3% estimated and Industrial Production contracted 0.1% MoM vs. forecasts for a 0.2% advance. On the Canadian side, Foreign Portfolio Investment in Canadian Securities shrunk to $4.37 billion in September from $10.29 billion in the previous month. “We remain longer-term USD bulls and we continue to view USD dips as a buying opportunity”, recommended Shaun Osborne, Chief FX Strategist at TD Securities.

USD/CAD key levels

At the moment the pair is up 0.36% at 1.1317 and a surpass of 1.1394 (high Nov.14) would expose 1.1402 (high Nov.11) and then 1.1450 (high Nov.7). On the flip side, the immediate support aligns at 1.1269 (low Nov.17) ahead of 1.1264 (low Nov.14) and finally 1.1253 (61.8% of 1.1122-1.1466).

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