USD/CAD wobbles around 1.3280

By FXStreet FXStreet (Edinburgh) – The US dollar has regained ground lost vs. its Canadian neighbor on Monday, now taking USD/CAD to the upper bound of the range near 1.3280.

USD/CAD supported around 1.3250

Despite trading in a tight range, the pair seems to be well supported in the mid-1.3200s so far, extending the recovery seen on Friday following US and Canadian labour market reports.

Against the backdrop of a persistent weakness in crude oil prices and the generalized softer tone in the commodities space, market participants will remain vigilant on the BoC as well, as it will hold its monetary policy meeting on Wednesday, with consensus quite divided regarding the likeliness of a rate cut.

USD/CAD levels to consider

At the moment the pair is losing 0.02% at 1.3275 with the next support at 1.3243 (low Sep.7) followed by 1.3162 (low Sep.4) and then 1.3116 (low Aug.31). On the upside, a break above 1.3295 (high Aug.27) would open the door to 1.3327 (high Aug.31) and finally 1.3343 (high Aug.26).
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Source:: FX Street