29 Nov 2013
USD/CAD in 2013 highs near 1.0630
FXstreet.com (Edinburgh) - A bout of USD strength pushed the USD/CAD to fresh 2013 highs near 1.0630 on Friday, leaving behind July’s top at 1.0609.
USD/CAD next target 1.0658?
The pair is now trading closer to its next resistance at 1.0658, posted in early October 2011, as the greenback is now quickly gathering steam. Data wise, Canadian GDP figures surprised investors to the upside expanding 2.7% during the third quarter, however the correction lower to lows around 1.0560 was ephemeral. In the opinion of analysts at TD Securities, “While the bounce off this morning’s low has been firm, we think new highs are needed to get the short-term momentum and price moves back more obviously in the USD’s favour. We spot firm support at 1.0520/25. Resistance is 1.0610/15.
USD/CAD key levels
At the moment the pair is advancing 0.28% at 1.0618 with the next resistance at 1.0658 (high Oct. 4 2011). On the downside, a violation of 1.0571 (low Nov.28) would open the door to 1.0559 (low Nov.29) and finally 1.0531 (low Nov.27).
USD/CAD next target 1.0658?
The pair is now trading closer to its next resistance at 1.0658, posted in early October 2011, as the greenback is now quickly gathering steam. Data wise, Canadian GDP figures surprised investors to the upside expanding 2.7% during the third quarter, however the correction lower to lows around 1.0560 was ephemeral. In the opinion of analysts at TD Securities, “While the bounce off this morning’s low has been firm, we think new highs are needed to get the short-term momentum and price moves back more obviously in the USD’s favour. We spot firm support at 1.0520/25. Resistance is 1.0610/15.
USD/CAD key levels
At the moment the pair is advancing 0.28% at 1.0618 with the next resistance at 1.0658 (high Oct. 4 2011). On the downside, a violation of 1.0571 (low Nov.28) would open the door to 1.0559 (low Nov.29) and finally 1.0531 (low Nov.27).