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USD/CAD regains 1.0950

FXStreet (Edinburgh) - The US dollar is gathering steam in the European afternoon on Monday, pushing the USD/CAD back to the mid-1.0900s.

USD/CAD focus on US releases

Spot is confirming the bounce off intraday troughs in the vicinity of 1.0940 ahead of US Services PMI by Markit (59.5 exp. in August) and New Home Sales (0.430M exp. in July). In the meantime, the pair remains in a broader 1.0850-1.100 range during August despite the ongoing USD rally. “We remain bullish on the outlook for USDCAD and look for gains though the recent peaks in the upper 1.09 area to trigger a push to the low 1.11s—dovish comments from Poloz should give funds a nudge higher to retest the recent highs at least. We think the USD should remain well supported in the low 1.09s from here”, observed Shaun Osborne, Chief FX Strategy at TD Securities.

USD/CAD levels to watch

At the moment the pair is up 0.11% at 1.0957 and a breakout of 1.0987 (high Aug.21) would open the door to1.1007 (high May 2) and then 1.1053 (high Apr.23). On the flip side, the next support aligns at 1.0933 (low aug.20) ahead of 1.0899 (high Aug.18) and finally 1.0870 (200-d MA).

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