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USD/CAD capped by 1.1360

FXStreet (Edinburgh) - Mixed docket in the US economy is weighing on the greenback, pushing USD/CAD back to the 1.1340 level.

USD/CAD upside limited by 1.1360

The current USD strength lifted spot to session tops in the 1.1360/65 band, although the upside came under pressure after US Housing Starts and Building Permits showed mixed results for the month of October, rising to 1.08M and falling to 1.009M, respectively. In the view of Shaun Osborne, Chief FX Strategist at TD Securities, “The USD found firm support in the mid 1.12s yesterday and that might set the market up for a push to the 1.1360/80 area—the top of the consolidation (possible bull flag)”.

USD/CAD levels to watch

At the moment the pair is up 0.33% at 1.1336 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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