USD/CAD bounces off lows, retakes 1.3100

After a brief dip to lows near 1.3060, USD/CAD has now regained the 1.3100 handle following a better tone from the greenback.

USD/CAD supported around 1.3060

A bout of selling pressure hit spot in response to tepid results from US inflation figures tracked by the CPI during September and better-than-expected results from Canadian Manufacturing Shipments during the month of August. Further results in the US docket saw the NAHB index coming in at 63 for the current month, in line with estimates.

The decline, however, has probed to be short-lived so far, as the pair managed to pull itself together and reclaim the 1.3100 handle and above soon afterwards.

Adding to CAD offered bias, the barrel of West Texas Intermediate has breached the key support at the $50.00 handle ahead of the API’s weekly report on US crude stockpiles.

USD/CAD significant levels

As of writing the pair is losing 0.09% at 1.3116 with the next support at 1.3025 (100-day sma) seconded by 1.2996 (low Sep.22) and then 1.2935 (5-month support line). On the flip side, a breakout of 1.3178 (200-day sma) would target 1.3314 (high Oct.7) en route to 1.3575 (50% Fibo of the 2016 drop).


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