USD/CAD eases from highs post-BoC

The Canadian Dollar gained some pips following the release of the BoC’s Q3 Business Outlook Survey, taking USD/CAD to the 1.2530 region after a test of the boundaries of 1.2560.

USD/CAD stays bid above 1.2500

Spot manages well to keep the trade above the 1.2500 handle after the BoC published its Fall BOS.

The survey showed the central bank keeps the solid view of the economy, stressing that the prospects for the next 12-month stay ‘robust’ while labour market conditions are expected to tighten further and slack absorbed amidst strong demand.

The pair stays in the area of 4-day peaks so far amidst a broad-based USD-buying, with October’s high around 1.2600 the figure now being the next up barrier.

USD/CAD significant levels

As of writing the pair is gaining 0.49% at 1.2529 facing the next up barrier at 1.2558 (high Oct.16) seconded by 1.2599 (high Oct.6) and finally 1.2664 (high Aug.31). On the downside, a drop below 1.2439 (21-day sma) would aim for 1.2431 (low Oct.12) and then 1.2253 (low Sep.22).