22 Aug 2013
USD/CAD rally tempered by 1.0500 region, selling interest building?
FXstreet.com (New York) - The USD/CAD technical pair jumped to the 1.0500 region during US trading, on the back end of earlier US and Canadian data Thursday.
In Canada, Retail Sales (MoM) fell -0.06% in June, relative to a projection of -0.03%. In addition, Retail Sales ex-Autos (MoM) declined -0.08% in June, missing estimates of +0.1%
Despite already being entrenched in positive territory, the USD/CAD has yet to relinquish its hold on the 1.0500 level, now setting at 1.0508 in these moments, en route to a gain of +0.32%. Briefing the technicals, the USD/CAD remains capped by resistances at 1.0526, onto 1.0609.
USD/CAD strategic bias
According to the TD Securities Team, “The USD/CAD rally extended nicely yesterday, taking funds through the mid 1.04 resistance zone, reflecting the broadly better bid big dollar. Chatter through the overnight market has centered on heavy selling interest around and a little above 1.0500.”
In Canada, Retail Sales (MoM) fell -0.06% in June, relative to a projection of -0.03%. In addition, Retail Sales ex-Autos (MoM) declined -0.08% in June, missing estimates of +0.1%
Despite already being entrenched in positive territory, the USD/CAD has yet to relinquish its hold on the 1.0500 level, now setting at 1.0508 in these moments, en route to a gain of +0.32%. Briefing the technicals, the USD/CAD remains capped by resistances at 1.0526, onto 1.0609.
USD/CAD strategic bias
According to the TD Securities Team, “The USD/CAD rally extended nicely yesterday, taking funds through the mid 1.04 resistance zone, reflecting the broadly better bid big dollar. Chatter through the overnight market has centered on heavy selling interest around and a little above 1.0500.”