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USD/CAD bounces off 1.1250

FXStreet (Edinburgh) - The US dollar dropped to the 1.1250 area vs. its Canadian counterpart on Wednesday, although USD/CAD managed to quickly return to the positive ground.

USD/CAD weaker after US data

Spot has seen its intraday decline renewed after mixed results in the US docket are undermining the US dollar performance: Durable Goods advanced 0.4% in its headline reading, whereas it contracted 0.9% excluding the Transportation sector, Initial Claims increased to 313K in the week ended on November 21st and Personal Income/Spending came in at 0.2%, missing estimates. Still in the US calendar, New/Pending Home Sales and the Reuters/Michigan index are due later.

USD/CAD relevant levels

As of writing the pair is now up 0.09% at 1.1264 with the next hurdle at 1.1316 (high Nov.25) followed by 1.1326 (high Nov.21) and then 1.1329 (50% of 1.1466-1.1191). On the downside, a break below 1.1250 (low Nov.26) would aim for 1.1232 (low Nov.25) and finally 1.1225 (low Nov.24).

GBP up 0.2% on open – Scotiabank

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