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USD/CAD erases weekly gains

FXStreet (Edinburgh) - USD/CAD is now looking to consolidate in the lower band of today’s range around 1.1335/30.

USD/CAD capped by 1.1300

The pair is retreating for the second consecutive session, eroding Monday’s gains amidst a softer tone in the US dollar. Despite the erratic behavior of the greenback, spot remains so far unable to surpass the 1.1300 barrier in a sustainable basis, allowing deeper pullbacks to the low-1.1200s. Looking to tomorrow’s docket in Canada, Q3 Current Account figures is only due, ahead of the more significant GDP Annualized during the third quarter, expected at 2.1%. “A bear wedge appears to be developing on the daily chart, which reinforces the risk of a move lower in the short term, perhaps targeting the bottom of the bear channel in the low 1.12s in short order”, suggested analysts at TD Securities.

USD/CAD relevant levels

As of writing the pair is now losing 0.15% at 1.1235 with the next support at 1.1225 (low Nov.24) followed by 1.1200 (psychological level) and finally 1.1191 (low Nov.21). On the upside, a surpass of 1.1316 (high Nov.25) would open the door to 1.1326 (high Nov.21) and then 1.1329 (50% of 1.1466-1.1191).

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