USD/CAD in red, consolidating near 1.3250

By FXStreet FXStreet (Edinburgh) – The greenback is posting marginal losses vs. its Canadian peer on Monday, with USD/CAD currently navigating the 1.3250 area.

USD/CAD hinges on risk trends

The pair is extending its sideline pattern observed since August’s fresh cycle highs around 1.3360, with clear support in the low-1.3100s so far. The recent neutral tone from the BoC has passed the ball to the FOMC meeting due later in the week, although market consensus has practically ruled out any rate hike, kicking the can down the road to the December meeting.

Nothing relevant in the Canadian calendar in the very near term, while Retail Sales, Industrial Production and the Empire State manufacturing index due tomorrow in the US economy.

USD/CAD levels to consider

At the moment the pair is losing 0.16% at 1.3241 with the next support at 1.3226 (low Sep.14) ahead of 1.3154 (low Sep.9) and then 1.3116 (low Aug.31). On the upside, a break above 1.3290 (high Sep.10) would open the door to 1.3310 (high Sep.8) and finally 1.3327 (high Aug.31).
For more information, read our latest forex news. …read more

Source:: FX Street