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2 Dec 2014
USD/CAD flirting with 1.1400
FXStreet (Edinburgh) - The bid tone around the US dollar remains intact on Tuesday, with USD/CAD now gyrating around 1.1400 the figure.
USD/CAD back from highs
The good performance of the greenback is pushing spot higher today, managing to claw session highs beyond 1.1420 before deflating to the 1.1400 neighbourhood. Data from the US economy showed Construction Spending rising 1.1% on a monthly basis during October, surpassing forecasts and reverting the previous contraction. Next of significance for the pair will be the BoC meeting, the ADP report and the ISM Non Manufacturing, all due tomorrow. “We expect to see support in the low 1.13s and resistance first arising around 1.14 the figure, as the market might sit content trading on a narrower range ahead of the BoC meeting tomorrow”, suggested analysts at TD Securities.
USD/CAD levels to watch
As of writing the pair is gaining 0.63% at 1.1399 facing the initial hurdle at 1.1425 (high Dec.2) ahead of 1.1459 (high Dec.1) and then 1.1466 (2014 high Nov.5). On the flip side, a break below 1.1319 (low Dec.2) would aim for 1.1314 (low Dec.1) and finally 1.1300 (psychological level).
USD/CAD back from highs
The good performance of the greenback is pushing spot higher today, managing to claw session highs beyond 1.1420 before deflating to the 1.1400 neighbourhood. Data from the US economy showed Construction Spending rising 1.1% on a monthly basis during October, surpassing forecasts and reverting the previous contraction. Next of significance for the pair will be the BoC meeting, the ADP report and the ISM Non Manufacturing, all due tomorrow. “We expect to see support in the low 1.13s and resistance first arising around 1.14 the figure, as the market might sit content trading on a narrower range ahead of the BoC meeting tomorrow”, suggested analysts at TD Securities.
USD/CAD levels to watch
As of writing the pair is gaining 0.63% at 1.1399 facing the initial hurdle at 1.1425 (high Dec.2) ahead of 1.1459 (high Dec.1) and then 1.1466 (2014 high Nov.5). On the flip side, a break below 1.1319 (low Dec.2) would aim for 1.1314 (low Dec.1) and finally 1.1300 (psychological level).