OctaFX | OctaFX Forex Broker
Open trading account
Back

USD/CAD in lows around 1.1240

FXStreet (Edinburgh) - The US dollar remains in the defensive camp at the end of the NA session on Tuesday, pushing USD/CAD to test session lows in levels sub-1/1240.

USD/CAD softer below 1.1250

The pair left behind the key 1.1250 region, extending further its intraday decline amidst a generalized selling mood surrounding the greenback. Auspicious results from the US GDP during the third quarter failed to spark a sustainable bullish attempt in the greenback, allowing instead a deeper pullback to current levels. Moving forward to tomorrow’s docket in the US economy, Durable Goods Orders, Personal Income/Spending and the Consumer Sentiment gauge by the Reuters/Michigan index will be in the spotlight, ahead of Thursday’s inactivity due to Thanksgiving Day holiday.

USD/CAD relevant levels

As of writing the pair is down 0.35% at 1.1247 and a breach of 1.1225 (low Nov.24) would aim for 1.1191 (low Nov.21) ahead of 1.1185 (daily cloud top). On the flip side, the initial resistance aligns at 1.1316 (high Nov.25) followed by 1.1326 (high Nov.21) and finally 1.1329 (50% of 1.1466-1.1191).

GBP/USD recovering in over bearishly steep channel

GBP/USD is trading at 1.5718, up 0.08% on the day, having posted a daily high at 1.5738 and low at 1.5649.
Read more Previous

EUR/USD risk returning to the upside - FXStreet

Valeria Bednarik, chief analyst at FXStreet explained that It was quite an active day across the forex board, with the USD finally edging lower despite a strong GDP revision for the 3rd quarter, up to 3.9% from an advance reading of 3.5% and an expected 3.3%.
Read more Next
Start livechat