23 Aug 2013
USD/CAD eases back to 1.0500 from fresh 6-week highs
FXstreet.com (Barcelona) - The USD/CAD foreign exchange rate is last quoted at 1.0510, off late NY session fresh 6-week highs at 1.0528/31 printed on the back of USD strength and CAD weakness, ahead of later on Canada core CPI at 12:30 GMT.
USD/CAD might see some modest correction
“USD/CAD saw no pullback at all yesterday and the underlying trend higher has extended higher through the overnight session to reach the low 1.05 area,” said the TD Securities Toronto based FX Research Team, adding: “A minor stall in the move up coincides with the ultimate Fibonacci resistance of the July/August down leg—76.4% retracement point at 1.0522. That is the only notable resistance point between spot and a return to a 1.06 handle. Minor topping signals on the hourly charts again hint at some modest corrective potential but we doubt USD losses will extend too far intraday.”
USD/CAD key technical levels
Immediate support to the downside for USD/CAD lies at recent session lows/yesterday's Asian session highs 1.0502/00, followed by yesterday's lows at 1.0470, and Wed's London session lows at 1.0450. To the upside, closest resistance shows at recent session highs 1.0522, followed by mentioned NY session fresh 6-week highs at 1.0531, and June 24 highs at 1.0558.
USD/CAD might see some modest correction
“USD/CAD saw no pullback at all yesterday and the underlying trend higher has extended higher through the overnight session to reach the low 1.05 area,” said the TD Securities Toronto based FX Research Team, adding: “A minor stall in the move up coincides with the ultimate Fibonacci resistance of the July/August down leg—76.4% retracement point at 1.0522. That is the only notable resistance point between spot and a return to a 1.06 handle. Minor topping signals on the hourly charts again hint at some modest corrective potential but we doubt USD losses will extend too far intraday.”
USD/CAD key technical levels
Immediate support to the downside for USD/CAD lies at recent session lows/yesterday's Asian session highs 1.0502/00, followed by yesterday's lows at 1.0470, and Wed's London session lows at 1.0450. To the upside, closest resistance shows at recent session highs 1.0522, followed by mentioned NY session fresh 6-week highs at 1.0531, and June 24 highs at 1.0558.