Friday, November 11, 2016

The Canadian dollar remains under pressure on Friday

The Canadian dollar remains under pressure on Friday, as USD/CAD continues to post gains this week. In the North American session, USD/CAD is trading at the 1.35 line. On the release front, there are no Canadian events on the schedule. In the US, today’s highlight is UoM Consumer Sentiment. The indicator is expected to edge lower to 87.4 points.•USD/CAD has been marked by choppy trading in the Asian session
•1.3457 is providing support
•There is resistance at 1.3551
Further levels in both directions:
•Below: 1.3457, 1.3371, 1.3253 and 1.3120
•Above: 1.3551, 1.3648 and 1.3782
•Current range: 1.3457 to 1.3551
USD/CAD ratio is unchanged in the Friday session. Currently, short positions command a strong majority (68%), indicative of trader bias towards USD/CAD reversing directions and moving to lower ground.