USD/CAD extends range trade into U.S. open, currently trading at 1.3246, days range 1.3238-66.
- Markets broadly on the sidelines ahead of the highly anticipated U.S. interest rate decision later this week
- Focus now on U.S retail sales data due ahead in the U.S. session, disappointing data could spur some profit-taking on longs
- Large (USD 897mn) 1.32 option expiry today also exerts magnetism
- Immediate support for USD/CAD is located at 1.3225 (Session Low Sep 14), breaks below could see the pair test 1.32 levels
- On the upside resistance is seen at 1.3266 (Session High Sep 15) ahead of 1.3280 (Sept 14 highs)
Resistance Levels:
R1: 1.3266 (Session High Sep 15)
R2: 1.3280 (Sept 14 highs)
R3: 1.3310 (Daily Highs Sep 7/8/11)
Support Levels:
S1: 1.3225 (Session Low Sep 14)
S2: 1.3216 (Daily Low Sep 11)
S3: 1.3214 (21-Day MA)
