1 Aug 2013
USD/CAD holding above 1.0300
FXstreet.com (Barcelona) - USD/CAD was choppy in the aftermath of the FOMC statement yesterday and has continued to show volatility around todays market data releases from the US.
The price has improved post an decent Initial Jobless Claims (July 26) that came in at 326k, beating the consensus of 345k. On the same day, we have seen US ISM Manufacturing PMI (Jul) 51.5 vrs 50.9 previous, so also an improving there. More in focus has been the policy statement that contained a moderately dovish bias but there was no strong indication that current market expectations for a September start to tapering are wide of the mark, however, said research teams at TD Securities. “Tomorrow’s NFP release will further shape expectations on that front”.
USD/CAD failing at 1.0370
USD/CAD failed to hold above 1.0370 levels. The pair are holding within the ascending channel and while above 1.0300 targets are for the 50% move and 1.0390 resistance. Supports are 1.0150, 1.0170, 1.0240, 1.0253, 1.0291 and resistances are 1.0368, 1.0393, 1.0445.
The price has improved post an decent Initial Jobless Claims (July 26) that came in at 326k, beating the consensus of 345k. On the same day, we have seen US ISM Manufacturing PMI (Jul) 51.5 vrs 50.9 previous, so also an improving there. More in focus has been the policy statement that contained a moderately dovish bias but there was no strong indication that current market expectations for a September start to tapering are wide of the mark, however, said research teams at TD Securities. “Tomorrow’s NFP release will further shape expectations on that front”.
USD/CAD failing at 1.0370
USD/CAD failed to hold above 1.0370 levels. The pair are holding within the ascending channel and while above 1.0300 targets are for the 50% move and 1.0390 resistance. Supports are 1.0150, 1.0170, 1.0240, 1.0253, 1.0291 and resistances are 1.0368, 1.0393, 1.0445.