USD/CAD opened Noram markets 1.3021, -11 pips below the previous close, day's range 1.2993/1.3053.
- Oil continues to underpin the Loonie, Brent was up +1.9%, and WTI rose +2.1% on the day
- Daily price action has dipped into the Ichimoku cloud, has weakened the structure further, there is scope for the pair to extend downside.
- Spot has bounced fairly abruptly off of 1.2993 - a level that is consistent with the congestion zone seen during July and August
- USD/CAD is currently trading at 1.3007, with immediate resistance at 1.3052 (day's high) and support at 1.2992 (Session Low Oct 7)
- Focus today on Canada building permits data due later, forecasts are for +0.8% rise, US consumer credit also on tap
- Markets will also be watching Friday's Canadian employment data with considerable interest
Resistance Levels:
R1: 1.3052 (session highs Oct 7th)
R2: 1.3111 (55 EMA)
R3: 1.3134 (Daily High Oct 6)
Support Levels:
S1: 1.2992 (Session Low Oct 7)
S2: 1.2952 (Daily low Aug 12)
S3: 1.2944 (Daily Low Jul 30)
