15 Apr 2014
USD/CAD through 1.10 on data
FXStreet (Edinburgh) - The USD/CAD managed to briefly break above the psychological barrier at 1.1000 on Tuesday, following CPI figures in the US docket.
USD/CAD extends the upside
The pair is prolonging its bounce off last week’s lows near 1.0850, currently hovering over the critical 1.1000 handle post-US/Canada data. US consumer prices advanced at an annual pace of 1.5% during March, matching estimates and up from the previous 1.1%. The Core reading followed the same path, up 1.7% vs. forecasts for a 1.6% gain. In Canada, Manufacturing Shipments exceeded expectations, advancing 1.4% inter-month in February. “Gains through 1.1010/20 should see USDCAD firm to 1.1070 (40-day MA at 1.1068) in the next day or so. Strong gains on the week overall for USDCAD will support our growing impression that a medium-term low in USDCAD has been reached”, noted Shaun Osborne, Chief FX Strategist at TD Securities.
USD/CAD relevant levels
At the moment the pair is advancing 0.37% at 1.1003 and a break above 1.1056 (daily cloud top) would aim for 1.1061 (30-d MA) and finally 1.1078 (high Mar.28). On the downside, the initial support lines up at 1.0919 (low Apr.11) followed by 1.0907 (daily cloud base) and then 1.0868 (low Apr.10).
USD/CAD extends the upside
The pair is prolonging its bounce off last week’s lows near 1.0850, currently hovering over the critical 1.1000 handle post-US/Canada data. US consumer prices advanced at an annual pace of 1.5% during March, matching estimates and up from the previous 1.1%. The Core reading followed the same path, up 1.7% vs. forecasts for a 1.6% gain. In Canada, Manufacturing Shipments exceeded expectations, advancing 1.4% inter-month in February. “Gains through 1.1010/20 should see USDCAD firm to 1.1070 (40-day MA at 1.1068) in the next day or so. Strong gains on the week overall for USDCAD will support our growing impression that a medium-term low in USDCAD has been reached”, noted Shaun Osborne, Chief FX Strategist at TD Securities.
USD/CAD relevant levels
At the moment the pair is advancing 0.37% at 1.1003 and a break above 1.1056 (daily cloud top) would aim for 1.1061 (30-d MA) and finally 1.1078 (high Mar.28). On the downside, the initial support lines up at 1.0919 (low Apr.11) followed by 1.0907 (daily cloud base) and then 1.0868 (low Apr.10).