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USD/CAD dips to lows around 1.0950

FXStreet (Edinburgh) - The greenback is now losing the grip vs. its neighbour, dragging the USD/CAD to fresh lows in the boundaries of 1.0950.

USD/CAD softer after US docket

The selling pressure has accelerated around the USD despite Initial Claims came in a tad better than estimates, dropping to 298K in the week ended on August 15th vs. 300K forecasted and 312K from the previous week. Next of relevance will be the manufacturing PMI tracked by Markit, Existing Home Sales and the Philly Fed manufacturing survey. “Technically, short-term price action is turning a little heavy as our session gets underway but we think the 1.0950/60 area should provide support for USDCAD near-term; the underlying bull trend in funds continues to strengthen and that should limit downside corrective potential for the moment. Below 1.0950 may see the low 1.09s retested but no more”, suggested Shaun Osborne, Chief FX Strategy at TD Securities.

USD/CAD levels to watch

At the moment the pair is losing 0.18% at 1.0950 facing the next support at 1.0899 (high Aug.18) ahead of 1.0870 (200-d MA) and finally 1.0861 (low Aug.15). On the upside, a breakout of 1.0986 (high Aug.6) would open the door to1.1007 (high May 2) and then 1.1053 (high Apr.23).

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