22 Aug 2013
USD/CAD flirting with 1.0500
FXstreet.com (Edinburgh) -The USD rally is gathering steam on Thursday, propped up by the recent release of the FOMC minutes and lifting the USD/CAD to the vicinity of 1.0500 the figure.
USD/CAD firmer pre-Canadian data
The greenback will look to extend the ongoing bullish momentum with today’s releases in Canada and the US economy. Canadian Retail Sales are expected to contract 0.3% on a monthly basis in June and to expand 0.1% excluding the auto sector. The US Initial claims are expected a tad higher to 322K from 320K previous while the Markit PMI would improve to 53.8 for the month of August. In the opinion of Camilla Sutton, Chief Strategist at Scotiabank, “technical studies warn of the risk of further upside, with most firmly in buy territory and the RSI at just 51, leaving plenty of upside room before USDCAD is overbought. Support lies at the 50-day MA of 1.0378”.
USD/CAD key levels
The pair is now advancing 0.23% at 1.0499 with the next hurdle at 1.0540 (high Jul.10) followed by 1.0574 (high Jul.9) and finally 1.0586 (high Jul.8). On the flip side, a breakdown of 1.0471 (low Aug.22) would aim for 1.0393 (low Aug.21) and then 1.0342 (low Aug.20).
USD/CAD firmer pre-Canadian data
The greenback will look to extend the ongoing bullish momentum with today’s releases in Canada and the US economy. Canadian Retail Sales are expected to contract 0.3% on a monthly basis in June and to expand 0.1% excluding the auto sector. The US Initial claims are expected a tad higher to 322K from 320K previous while the Markit PMI would improve to 53.8 for the month of August. In the opinion of Camilla Sutton, Chief Strategist at Scotiabank, “technical studies warn of the risk of further upside, with most firmly in buy territory and the RSI at just 51, leaving plenty of upside room before USDCAD is overbought. Support lies at the 50-day MA of 1.0378”.
USD/CAD key levels
The pair is now advancing 0.23% at 1.0499 with the next hurdle at 1.0540 (high Jul.10) followed by 1.0574 (high Jul.9) and finally 1.0586 (high Jul.8). On the flip side, a breakdown of 1.0471 (low Aug.22) would aim for 1.0393 (low Aug.21) and then 1.0342 (low Aug.20).