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10 Nov 2017

USD/CAD holds weaker below 1.2700 handle, over 2-week lows

   •  Consolidates overnight bearish break below 1.27 support.
   •  Receding USD selling/subdued oil prices help limit further downside.

The USD/CAD pair traded with a mildly negative bias for the third consecutive session and is currently placed at over 2-week lows, just above mid-1.2600s.

The pair extended its corrective slide from 3-1/2 month tops, touched in late October, and finally broke below the 1.2700 handle amid persistent US Dollar weakness, led by Senate's proposal to delay corporate tax cut by a year. 

The USD selling seems to have abated, for the time being, which helped limit any follow-through weakness on Friday. Moreover, a subdued action around crude oil prices, which tends to drive demand for the commodity-linked currency - Loonie, further contributed to the pair's modest rebound of around 15-pips from session lows. 

It would now be interesting to see if the pair can register any meaningful recovery or continues languishing below the 1.2700 handle amid relatively thin economic docket, featuring the only release of Prelim UoM Consumer Sentiment Index from the US. 

Technical levels to watch

Any recovery attempts might now confront fresh supply near the 1.2700 handle, above which a fresh bout of short-covering could lift the pair back towards 1.2730-40 hurdle ahead of the 1.2775-80 supply zone.

On the flip side, weakness below 1.2660 area now seems to pave the way for an extension of the pair's near-term downward trajectory towards 100-day SMA support, currently near the 1.2600 handle.
 

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