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USD/CAD climbs back above 1.1300

FXStreet (Córdoba) - USD/CAD managed to bounce from a 3-week low and erased daily losses as the loonie suffered on the back of oil prices drop and the greenback was supported by higher-than-expected US PPI figures.

USD/CAD bottomed out at 1.1259, last seen Oct 31, and climbed back above the 1.13 level to hit fresh daily highs at the 1.1310 area. At time of writing, USD/CAD is trading at 1.1309,virtually unchanged on the day.

USD/CAD perspective

“The pattern of trade for funds since the start of the month and the turn lower from the upper 1.14 area has been geared towards a gentle slide which is taking the market back to the pivotal mid 1.12 area that has featured prominently in USD/CAD trading over the past couple of months”, said the TD Securities team. “More losses may be seen near-term though we remain bullish on the longer-term outlook USD/CAD”.

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