USD/CAD near 1.2280 post-data

Pablo Piovano FXStreet

The greenback stays on the defensive vs. its Canadian peer on Tuesday, now taking USD/CAD to the 1.2285/80 band in the wake of US, CA data releases.

USD/CAD gains capped around 1.2340

The pair is struggling to add to yesterday’s gains, finding quite a tough barrier around 1.2340/50, where sits the 21-day sma.

CAD is deriving some buying pressure from the better tone in crude oil prices, with the barrel of West Texas Intermediate hovering over daily highs in the $50.70/80 band. On the opposite direction, the poor performance in yields of the Canadian 10-year reference appears to keep dips shallow.

In the data space, US housing starts and building permits rose above estimates to 1.180 million units and 1.300 million units in August. Further data saw export prices and import prices rising at a monthly 0.6%, both prints surpassing prior surveys. In Canada, manufacturing shipments contracted more than forecasted 2.6% inter-month in July.

USD/CAD significant levels

As of writing the pair is retreating 0.11% at 1.2285 facing the next support at 1.2189 (10-day sma) seconded by 1.2119 (low Sep.15) and then 1.2059 (2017 low Sep.8). On the upside, a break above 1.2348 (21-day sma) would expose 1.2469 (23.6% Fibo of the 2017 drop) and finally 1.2541 (55-day sma).

Author

Pablo Piovano

FXStreet

Born and bred in Argentina, Pablo has been carrying on with his passion for FX markets and trading since his first college years.

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