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USD/CAD muted post-data

FXStreet (Edinburgh) - The greenback remained mostly apathetic after the US docket on Thursday, with the USD/CAD meandering just below 1.0900 the figure.

USD/CAD down from 1.0920

The pair continues to correct lower from recent peaks in the vicinity of the key handle at 1.1000, retreating for the fourth consecutive session so far. The only relevant release today in the US economy, Initial Claims, came in a tad higher at 311K in the week ending on August 8th, vs. 290K in the previous week. Canadian New Housing Price index advanced 1.5% in a year to June, matching May’s reading. “The recent consolidation around 1.0920/90 is clearly at an inflection point and, although we remain USDCAD bulls, it is hard to hold a strong conviction for pair either side of 1.09 in the short term”, observed Shaun Osborne, Chief FX Strategist at TD Securities.

USD/CAD significant levels

As of writing the pair is losing 0.18% at 1.0894 and a breakdown of 1.0864 (200-d MA) would expose 1.0856 (21-d MA) and finally 1.0808 (Kijun Sen). On the other hand, the initial hurdle lines up at 1.0941 (high Aug.13) ahead of 1.0954 (high Aug.12) and then 1.0986 (high Aug.6).

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