USD/CAD climbs to highs near 1.1350

FXStreet (Edinburgh) - The USD is back! The better momentum in the greenback is now lifting USD/CAD to fresh session highs near 1.1350.

USD/CAD supported at 1.1300

Spot is extending its bounce off the boundaries of 1.1300 the figure, partially retracing Friday’s sharp sell off post-Payrolls. Nothing of note data wise in the US economy, whereas Building Permits surprised to the downside, dropping to an annual pace of 183.6K vs. 200.0K forecasted. “Losses could extend to the bull trend base at 1.1189 in the next few days but we look for support (reinforced by the 40-day MA) to hold. The broader trend remains bullish and we think modest USD dips are a buy”, suggested Shaun Osborne, Chief FX Strategist at TD Securities.

USD/CAD levels to watch

The pair is now advancing 0.13% en 1.1346 and a breakout of 1.1367 (hourly high Nov.7) would target 1.1400 (psychological level) en route to 1.1450 (high Nov.7). On the downside, the immediate support aligns at 1.1294 (Tenkan Sen) ahead of 1.1264 (low Nov.3) and then 1.1244 (30-d MA).