22 Jul 2013
USD/CAD recovers the 1.0350 region
FXstreet.com (New York) - The USD/CAD foreign exchange rate has successfully rebounded off earlier lows in the depths of 1.0329 (session low), culminating in a recovery movement during US trading Monday.
Despite the recent uptick however, the USD/CAD remains in negative territory, still down -0.14%, having settled at 1.0351 in these moments. Briefing the technicals, the pair remains fortified by support at 1.0342, ahead of 1.0326, and 1.0301, notes the Mataf.net analyst team.
USD/CAD event risk
In the United States, the Chicago Fed National Activity Index (June) was reported at -0.13, missing expectations of 0.0. Later today, the US is slated to reveal Existing Home Sales data at 14:00 GMT. Meanwhile, no economic data is expected out of Canada Monday.
USD/CAD strategic bias
According to the TD Securities Team, “USD/CAD has pushed a little below the 1.0350 area in early trading today and may extend modestly lower on the day but we spot firm support in the 1.0335/40 area and we rather think the USD is starting to look oversold across a range of timeframes. Without a catalyst to trigger more pressure on the USD, we think USD/CAD losses should be limited in the near-term at least. In fact, we would rather be looking for opportunities to buy USDs in the short-term, reflecting our longer-term bullish bias.”
Despite the recent uptick however, the USD/CAD remains in negative territory, still down -0.14%, having settled at 1.0351 in these moments. Briefing the technicals, the pair remains fortified by support at 1.0342, ahead of 1.0326, and 1.0301, notes the Mataf.net analyst team.
USD/CAD event risk
In the United States, the Chicago Fed National Activity Index (June) was reported at -0.13, missing expectations of 0.0. Later today, the US is slated to reveal Existing Home Sales data at 14:00 GMT. Meanwhile, no economic data is expected out of Canada Monday.
USD/CAD strategic bias
According to the TD Securities Team, “USD/CAD has pushed a little below the 1.0350 area in early trading today and may extend modestly lower on the day but we spot firm support in the 1.0335/40 area and we rather think the USD is starting to look oversold across a range of timeframes. Without a catalyst to trigger more pressure on the USD, we think USD/CAD losses should be limited in the near-term at least. In fact, we would rather be looking for opportunities to buy USDs in the short-term, reflecting our longer-term bullish bias.”