26 Mar 2014
USD/CAD finds support at 1.1120
FXStreet (Edinburgh) - The USD is now gathering steam, pushing the USD/CAD to the 1.1140/50 area ahead of key data in the US economy.
USD/CAD down from 1.1200
The pair is retreating for the third consecutive session so far against a backdrop of increasing risk appetite and USD weakness. Ahead in the day, US Durable Goods Orders and the Markit services PMI would have potential in determining spot’s price action in the very near term. “We look for USDCAD to rebound from 1.1130 intraday. Short term technical signals suggest that the market may be trying to form a low as our session gets underway. We look for a retest of 1.1180”, commeted Shaun Osborne, Chief FX Strategist at TD Securities.
USD/CAD relevant levels
The pair is now losing 0.22% at 1.1139 with the next support at 1.1122 (low Mar.19) ahead of 1.1045 (daily cloud top) and finally 1.1025 (low Mar.18). On the upside, a break above 1.1210 (high Mar.25) would am for 1.1278 (2014 high Mar.20) and then 1.1300 (psychological level).
USD/CAD down from 1.1200
The pair is retreating for the third consecutive session so far against a backdrop of increasing risk appetite and USD weakness. Ahead in the day, US Durable Goods Orders and the Markit services PMI would have potential in determining spot’s price action in the very near term. “We look for USDCAD to rebound from 1.1130 intraday. Short term technical signals suggest that the market may be trying to form a low as our session gets underway. We look for a retest of 1.1180”, commeted Shaun Osborne, Chief FX Strategist at TD Securities.
USD/CAD relevant levels
The pair is now losing 0.22% at 1.1139 with the next support at 1.1122 (low Mar.19) ahead of 1.1045 (daily cloud top) and finally 1.1025 (low Mar.18). On the upside, a break above 1.1210 (high Mar.25) would am for 1.1278 (2014 high Mar.20) and then 1.1300 (psychological level).