Monday, September 19, 2016

USD/CAD posted considerable losses in the Asian session

•USD/CAD posted considerable losses in the Asian session and is flat in European trade
• 1.3120 is a weak line
•1.3253 is a strong resistance line
Further levels in both directions:
•Below: 1.3120, 1.3028 and 1.2922
•Above: 1.3253, 1.3371 and 1.3457
•Current range: 1.3120 to 1.3253
USD/CAD ratio is unchanged in the Monday session. Currently, short positions have a strong majority (68%), indicative of trader bias towards USD/CAD continuing to lose ground.
The Canadian dollar has posted gains to start off the week, erasing the losses which marked the Friday session. Early in the North American session, USD/CAD is trading at 1.3160. On the release front, the sole US event is the NAHB Housing Market Index. There are no Canadian releases on the schedule. On Tuesday, the US will release Building Permits, a key event.