6 Nov 2013
USD/CAD kept the range after data
FXstreet.com (Edinburgh) -The USD/CAD remains in the lower end of today’s range around 1.0440/35 after the release of Canadian data.
USD/CAD indifferent around 1.0440
The pair showed almost no reaction after Building Permits in the Canadian economy expanded 1.7% on a month basis during September, missing the median at 6.0% albeit bettering August’s 20.0% contraction (revised). Next in the Canadian docket will be the Ivey PMI index, with consensus expecting the headline to tick lower to 51.0 in October. Strategists at UBS remain bullish on the pair, adding “With the MACD above its zero line, this is a bullish condition; there’s scope for a break above 1.0497, extending the strength to the critical resistance at 1.0568. Support is at 1.0384 ahead of 1.0357”.
USD/CAD levels to consider
The pair is now retreating 0.11% at 1.0445 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 indifferent around 1.0440
The pair showed almost no reaction after Building Permits in the Canadian economy expanded 1.7% on a month basis during September, missing the median at 6.0% albeit bettering August’s 20.0% contraction (revised). Next in the Canadian docket will be the Ivey PMI index, with consensus expecting the headline to tick lower to 51.0 in October. Strategists at UBS remain bullish on the pair, adding “With the MACD above its zero line, this is a bullish condition; there’s scope for a break above 1.0497, extending the strength to the critical resistance at 1.0568. Support is at 1.0384 ahead of 1.0357”.
USD/CAD levels to consider
The pair is now retreating 0.11% at 1.0445 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).