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USD/CAD climbs to highs near 1.1250

FXStreet (Edinburgh) - The greenback is now appreciating further vs. its fellow neighbor, lifting USD/CAD to the area of the mid-1.1200s.

USD/CAD looks to US releases

After bottoming around the 1.1220 region overnight, the USD managed to gather steam, leaving behind the initial weakness and lifting spot to current levels. While the pair remains on track to recover from Friday’s sharp pullback, traders will be looking to Markit’s Services/Composite PMIs as key drivers in today’s session amidst a vacuum of data in Canada. According to Camilla Sutton, Chief FX Strategist at Scotiabank, the short term technicals remain mixed, adding “The MACD and candlesticks continue to warn of neartterm downward pressure, with support at 1.1266 (the close from October 31st), a break below here would open a test to the 50-day MA at 1.1215, followed by the psychological 1.1200”.

USD/CAD significant levels

At the moment the pair is advancing 0.10% at 1.1250 and a breakout of 1.1303 (10-d MA) would aim for 1.1326 (high Nov.21) and finally 1.1369 (high Nov.20). On the downside, the immediate support lines up at 1.1225 (low Nov.24) followed by 1.1191 (low. Nov.21) ahead of 1.1185 (low Oct.31).

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