OctaFX | OctaFX Forex Broker
Open trading account
Back

USD/CAD grinds lower towards 1.3250

FXStreet (Edinburgh) - The greenback is intensifying its weakness vs. its G10 peers on Thursday, dragging USD/CAD to test the mid-1.3200s, or session troughs.

USD/CAD focus on BoC, US data

The pair continues to retrace the recent spike to the 1.3370 area, falling for the third consecutive session and returning to the 1.3255/50 band amidst a generalized offered tone around the greenback.

Next of relevance for the pair will be the weekly report on the US labour market, followed by the Philly Fed survey and speeches by Fed’s Lockhart and Fischer. On the Canadian side, the Autumn Issue of the BoC Review will take centre stage.

USD/CAD levels to consider

As of writing, the pair is down 0.45% at 1.3257 with the next support at 1.3217 (38.2% Fibo of 1.3459-1.2827) ahead of 1.3186 (55-day sma) and then 1.3121 (100-day sma). On the other hand, a breakout of 1.3363 (downtrend from 1.3458) would open the door to 1.3373 (high Nov.16) and then 1.3458 (2015 high Sep.29).

GBP/USD: No second wave of selling

The GBP/USD is back to 1.5260 as the FX markets did not witness the second wave of selling that is usually seen after the initial reaction following a weak UK data.
Read more Previous

FOMC Minutes: Key implications – TD Economics

Michael Dolega, Senior Economist at TD Economics, presents the key implications of the recently released FOMC minutes.
Read more Next
Start livechat