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USD/CAD supported near 1.0910

FXStreet (Edinburgh) - The greenback is confirming its bounce off the 1.0910 region vs. its Canadian counterpart on Thursday, lifting the USD/CAD to the 1.0930/35 area.

USD/CAD focus on data

The pair is looking to consolidate the recent upside beyond 1.0900 the figure despite being rejected near the 1.100 handle earlier on in the week. Data wise, Canadian Building Permits (-2.0% exp.) are due later along with the weekly report on the US labour market (Claims expected at 305K in the week ended on Aug.1). In the view of strategists at TD Securities, “With bull trend momentum signals aligned across a range of timeframes now, we see limited downside potential for USDCAD and look for a retest of the 1.11/1.12 area in the next few weeks”.

USD/CAD relevant levels

The pair is now up 0.14% at 1.0932 with the next resistance at 1.0949 (50% of 1.1279-1.0620) ahead of 1.0986 (high Aug.6) and finally 1.1007 (high May 2). On the other hand, a breakdown of 1.0913 (low Aug.6) would expose 1.0881 (100-d MA) and then 1.0850 (low Jul.30).

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