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USD/CAD accelerates to 1.1000

FXStreet (Edinburgh) - The greenback is appreciating vs. its neighbour on Wednesday, lifting the USD/CAD closer to the 1.1000 handle.

USD/CAD eyes on trade data

The pair is extending its correction higher from weekly troughs around 1.0900 the figure, bolstered by a solid tone from the USD amidst increasing risk aversion. Ahead in the day, trade balance figures from both the US and Canadian economies will be in the limelight, although the broader context seems to keep favouring the safe haven USD. According to Shaun Osborne, Chief FX Strategist at TD Securities, “we still view USDCAD is tracking a higher trajectory in the weeks ahead and we expect USD dips to remain shallow and short-lived; we look for solid support in the low 1.09s now and for the market to push on to the low 1.10s. 1.1027 is the next (61.8%) Fibonacci retracement of the 1.12/1.06 decline”.

USD/CAD levels to consider

At the moment the pair is advancing 0.14% at 1.0977 with the next resistance at 1.1007 (high May 2). On the downside, a break below 1.0949 (50% of 1.1279-1.0620) would expose 1.0887 (100d-MA) and then 1.0850 (low Jul.30).

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