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USD/CAD surpasses 1.1300

FXStreet (Edinburgh) - The greenback is now accelerating its upside momentum, lifting USD/CAD to session peaks beyond 1.1300 the figure.

USD/CAD regains 1.1300

The upbeat tone remains intact around the US dollar on Monday, prolonging its recent trough below the 1.1200 handle on Friday. Market participants quickly shrugged off the poor results from the Markit’s PMIs, allowing the current return to the 1.1300 neighbourhood. Camilla Sutton, Chief FX Strategist at Scotiabank, argued “all technical studies have now shifted to sell signals, warning of a test down to the October 31st open of 1.1184. For short-term traders we are biased to be positioned for this test”.

USD/CAD significant levels

At the moment the pair is advancing 0.57% at 1.1303 and a breakout of 1.1326 (high Nov.21) would open the door to 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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