After bottoming out near 1.0810, the USD/CAD is now managing to trim early losses and come back to the 1.0830/35 band.
Positive data from the US labour market (weekly Claims dropped to 312K) are helping the greenback to leave behind the selling mood post-FOMC statement on Wednesday, ahead of the US CB Leading Indicator (0.6% exp.) and the Philly manufacturing Survey (14.0 exp). “We look for firm support in the low 1.08 zone intraday. The USD’s technical position improves a bit more obviously above 1.0900/20 from here but that looks fairly distant at this point. Ahead of the CPI data tomorrow, we doubt funds will make much headway beyond 1.0840/50”, suggested Shaun Osborne, Chief FX Strategist at TD Securities. As of writing the pair is down 0.03% at 1.0.832 and a breach of 1.0811 (low Jun. 19) would expose 1.0779 (200-d MA) and finally 1.0762 (low Jan.8). On the upside, the immediate resistance lines up at 1.0898 (high Jun.18) followed by 1.0922 (high Jun.10) and then 1.0962 (high Jun.5).