7 Apr 2014
USD/CAD stalled above 1.1000
FXStreet (Edinburgh) - The intraday ascent of USD/CAD seems to have found strong resistance in the area of 1.1010/00 on Monday, now correcting lower to 1.0985/80.
USD/CAD supported near 1.0950
The pair is rapidly recovering from post-Payrolls troughs near 1.0950 on Friday, retaking the psychological 1.10 handle although the bull attempt run out of legs near 1.1010. Almost empty docket in Canada today, with the BoC Business Outlook Survey ahead of housing data tomorrow. “A sustained recovery back above 1.1005/10 in our session this morning will provide a little more relief for the USD and possibly pave the way for a rebound to the 1.1075/00 area and help stabilize the recent track lower. We remain broadly positive on the outlook for USDCAD”, noted Shaun Osborne, Chief FX Strategist at TD Securities.
USD/CAD levels to consider
As of writing the pair is up 0.10% at 1.0993 with the next resistance at 1.1078 (high Mar.28) ahead of 1.1095 (weekly Tenkan Sen) and finally 1.1106 (high Mar.27). On the flip side, a break below 1.0955 (low Mar.6) would aim for 1.0911 (low Feb.19) and then 1.0905 (low Jan.16).
USD/CAD supported near 1.0950
The pair is rapidly recovering from post-Payrolls troughs near 1.0950 on Friday, retaking the psychological 1.10 handle although the bull attempt run out of legs near 1.1010. Almost empty docket in Canada today, with the BoC Business Outlook Survey ahead of housing data tomorrow. “A sustained recovery back above 1.1005/10 in our session this morning will provide a little more relief for the USD and possibly pave the way for a rebound to the 1.1075/00 area and help stabilize the recent track lower. We remain broadly positive on the outlook for USDCAD”, noted Shaun Osborne, Chief FX Strategist at TD Securities.
USD/CAD levels to consider
As of writing the pair is up 0.10% at 1.0993 with the next resistance at 1.1078 (high Mar.28) ahead of 1.1095 (weekly Tenkan Sen) and finally 1.1106 (high Mar.27). On the flip side, a break below 1.0955 (low Mar.6) would aim for 1.0911 (low Feb.19) and then 1.0905 (low Jan.16).