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USD/CAD puts 1.3100 to the test

FXStreet (Edinburgh) - The greenback has left the overnight consolidative pattern around 1.3180 vs. its Canadian peer, sending USD/CAD to test recent lows in sub-1.3100 levels.

USD/CAD attention to CAD data

After bottoming out in the 1.3080 area following the Fed’s no-hike on Thursday, spot has managed to recover upside momentum and clinch the area of 1.3180 during the Asian trading hours, although that sentiment has lost vigour after the European open today.

With the FOMC gathering already in the rear-view mirror, the pair’s focus will now shift towards Canadian inflation figures due later. Consensus expects domestic consumer prices to have risen at an annual pace of 1.3%, while the core print tracked by the BoC is seen at 2.1% on a year to August.

USD/CAD levels to consider

The pair is now losing 0.70% at 1.3091 and a breach of 1.3074 (low Sep.17) would open the door to 1.3056 (low Aug.21) and then 1.3024 (low Aug.19). On the other hand, the initial up barrier aligns at 1.3186 (high Sep.18) followed by 1.3261 (high Sep.16) and finally 1.3290 (high Sep.10).

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