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USD/CAD hits daily low after Canadian, US data

FXStreet (Córdoba) - USD/CAD fell to fresh daily lows at the beginning of the American session following a string of US and Canadian data.

The loonie strengthened as Canadian wholesale sales rose at a faster-than-anticipated pace while US CPI and jobless claims came in broadly in line with expectations.

USD/CAD dropped to a low of 1.1305 but bounced before reaching the psychological level. At time of writing, the pair is trading at 1.1320, recording a 0.19% loss on the day, having pulled back from a 6-day high of 1.1368.

USD/CAD outlook

“USD/CAD has tested both sides of the trading range over the past few days, without either really looking like breaking below 1.1250 or above 1.1380”, said the TD Securities team. “The broader trend in USD/CAD remains higher and spot still looks relatively cheap against our FV regression estimate of 1.1440 or so and the continued pressure on commodity prices suggests little in the way of a major rebound in the CAD at this point”.

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