6 Nov 2013
USD/CAD consolidates beyond 1.0400
FXstreet.com (Edinburgh) -The USD/CAD managed to gather steam after Monday’s drop to test the psychological support at 1.0400, now hovering over 1.0435/40 ahead of data.
USD/CAD eases from 1.0500
It seems the pair is trying to stabilize in the vicinity of 1.0450 after falling from multi-week highs around 1.0500 the figure in late October, ahead of the US Payrolls on Friday. Strategists S.Osborne and G.Moore at TD Securities commented “The market’s inability to push decisively through 1.0450 has robbed the market of a little momentum in the near-term though we think the market still has a chance to push on towards and possibly crack the 1.05 area near-term—much hinges on the US and Canada data reports Friday”. Next on tap will be Canadian Building Permits, expected to expand 6.0% MoM in September followed by the Ivey index (51.0 exp.).
USD/CAD levels to consider
The pair is now retreating 0.15% at 1.0442 with the immediate support at1.0398 (low Nov.4) followed by 1.0376 (cloud top) and then 1.0366 (low Oct.24). On the flip side, a breakout of 1.0490 (high Oct.31) would aim for 1.0497 (high Oct.30) and finally 1.0516 (high Sep.5).
USD/CAD eases from 1.0500
It seems the pair is trying to stabilize in the vicinity of 1.0450 after falling from multi-week highs around 1.0500 the figure in late October, ahead of the US Payrolls on Friday. Strategists S.Osborne and G.Moore at TD Securities commented “The market’s inability to push decisively through 1.0450 has robbed the market of a little momentum in the near-term though we think the market still has a chance to push on towards and possibly crack the 1.05 area near-term—much hinges on the US and Canada data reports Friday”. Next on tap will be Canadian Building Permits, expected to expand 6.0% MoM in September followed by the Ivey index (51.0 exp.).
USD/CAD levels to consider
The pair is now retreating 0.15% at 1.0442 with the immediate support at1.0398 (low Nov.4) followed by 1.0376 (cloud top) and then 1.0366 (low Oct.24). On the flip side, a breakout of 1.0490 (high Oct.31) would aim for 1.0497 (high Oct.30) and finally 1.0516 (high Sep.5).