18 Jul 2013
USD/CAD maintaining upside
FXstreet.com (London) - USD/CAD has climbed from the 1.0400 handle overnight to open the European hours towards resistance at 1.043/40.
Research teams at T Securities said that there is little change to report in the broader picture. “USD/CAD is stabilising around the mid-point of the bull trend in place over the past few months (and the 40-day MA) but the consolidation USD/CAD is undergoing leaves the market delicately poised still”. They suggested another lurch lower (and a return to a 1.01/1.02 handle) still couldn’t be excluded as a risk for the near-term outlook for funds. Data wise, for today at least, eyes are on Philly Fed and Initial Jobless Claims. Tomorrow, Canada releases CPI.
USD/CAD needs to break resistance
"A sustained move below short-term support at 1.0374 (bear wedge base) levitates the risk that USD/CAD takes another tumble. From here, USD/CAD really needs to move back through 1.0425/45 to stabilise", explained TD Securities Research Teams.
Research teams at T Securities said that there is little change to report in the broader picture. “USD/CAD is stabilising around the mid-point of the bull trend in place over the past few months (and the 40-day MA) but the consolidation USD/CAD is undergoing leaves the market delicately poised still”. They suggested another lurch lower (and a return to a 1.01/1.02 handle) still couldn’t be excluded as a risk for the near-term outlook for funds. Data wise, for today at least, eyes are on Philly Fed and Initial Jobless Claims. Tomorrow, Canada releases CPI.
USD/CAD needs to break resistance
"A sustained move below short-term support at 1.0374 (bear wedge base) levitates the risk that USD/CAD takes another tumble. From here, USD/CAD really needs to move back through 1.0425/45 to stabilise", explained TD Securities Research Teams.