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USD/CAD retreats from highs

FXStreet (Edinburgh) - The US dollar is appreciating vs. its Canadian counterpart on Wednesday, with USD/CAD now easing to 1.1330/25 from intraday peaks beyond 1.1340.

USD/CAD attention to US calendar, FOMC

It seems spot found decent support around the 1.1260 area this week following the mixed tone from the greenback and is now looking to consolidate the recovery above 1.1300 the figure. While the pair continues to recover ground lost after Friday’s pullback, traders will focus on the US docket, with Building Permits and Housing Starts due later, preceding the more significant FOMC minutes. “While we expect the minutes broadly to reflect a Fed that wishes to “err on the side of patience”, the October minutes are likely to read less dovishly than their September counterpart”, argued Paul Fage, Senior Emerging Markets Strategist at TD Securities.

USD/CAD levels to watch

At the moment the pair is up 0.28% at 1.1331 with the next resistance at 1.1394 (high Nov.14) ahead of 1.1402 (high Nov.11) and finally 1.1450 (high Nov.7). On the flip side, a breakdown of 1.1295 (low Nov.19) would open the door to 1.1260 (low Nov.18) and then 1.1253 (61.8% of 1.1122-1.1466).

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