7 Nov 2013
USD/CAD firmer, eyes weekly tops at 1.0460
FXstreet.com (Edinburgh) - The greenback keeps pushing higher against its fellow neighbor on Thursday, lifting the USD/CAD to the area of 1.0445/50.
USD/CAD boosted by data, ECB
Upbeat data from the US GDP during the third quarter, advancing beyond forecasts plus the ECB’s decision to cut 25 bps the lending benchmark boosted the USD and propelled the pair from the region of 1.0400/10 to current highs around 1.0450. According to S.Osborne and G.Moore, Strategists at TD Securities, “While support in the low 1.04 area holds, we think near-term risks continue to suggest a higher USD, at least to retest the 1.05 area. A sustained, short-term push below 1.04 would leave spot exposed to a drop back to the low 1.03 area, meanwhile.
USD/CAD critical levels
The pair is now up 0.25% at 1.0445 facing the next resistance at 1.0462 (high Nov.5) ahead of 1.0490 (high Oct.31) and then 1.0497 (high Oct.30). On the flip side, a breakdown of 1.0398 (low Nov.4) would target 1.0376 (cloud top) and finally 1.0366 (low Oct.24).
USD/CAD boosted by data, ECB
Upbeat data from the US GDP during the third quarter, advancing beyond forecasts plus the ECB’s decision to cut 25 bps the lending benchmark boosted the USD and propelled the pair from the region of 1.0400/10 to current highs around 1.0450. According to S.Osborne and G.Moore, Strategists at TD Securities, “While support in the low 1.04 area holds, we think near-term risks continue to suggest a higher USD, at least to retest the 1.05 area. A sustained, short-term push below 1.04 would leave spot exposed to a drop back to the low 1.03 area, meanwhile.
USD/CAD critical levels
The pair is now up 0.25% at 1.0445 facing the next resistance at 1.0462 (high Nov.5) ahead of 1.0490 (high Oct.31) and then 1.0497 (high Oct.30). On the flip side, a breakdown of 1.0398 (low Nov.4) would target 1.0376 (cloud top) and finally 1.0366 (low Oct.24).