23 May 2014
USD/CAD regains 1.0900
FXStreet (Edinburgh) - After dipping to the 1.0890 area overnight, the USD/CAD is now gathering traction and retaking the key barrier at 1.0900 on Friday.
USD/CAD focus on Canadian CPI
The pair is now looking to consolidate the recent advance from weekly troughts in the 1.850 area, ahead of the inflation figures due in the Canadian economy later. Consensus expects headline consumer prices to rise 0.3% MoM in April and 0.2% from the Core prices. In the opinion of Shaun Osborne, Chief FX Strategist at TD Securities, “we remain positive overall but concede that this week’s failure – so far – to push on towards key short-term resistance in the 1.0960 area (40-day MA at 1.0959) is a disappointment”.
USD/CAD significant levels
At the moment the pair is up 0.05% at 1.0897 and a surpass of 1.0961 (high May 6) would open the door to 1.1001 (21-w MA) and then 1.1007 (high May 2). On the flip side, the initial support aligns at 1.0851 (low May 18) ahead of 1.0814 (low May 8) and finally 1.0762 (low Jan.8).
USD/CAD focus on Canadian CPI
The pair is now looking to consolidate the recent advance from weekly troughts in the 1.850 area, ahead of the inflation figures due in the Canadian economy later. Consensus expects headline consumer prices to rise 0.3% MoM in April and 0.2% from the Core prices. In the opinion of Shaun Osborne, Chief FX Strategist at TD Securities, “we remain positive overall but concede that this week’s failure – so far – to push on towards key short-term resistance in the 1.0960 area (40-day MA at 1.0959) is a disappointment”.
USD/CAD significant levels
At the moment the pair is up 0.05% at 1.0897 and a surpass of 1.0961 (high May 6) would open the door to 1.1001 (21-w MA) and then 1.1007 (high May 2). On the flip side, the initial support aligns at 1.0851 (low May 18) ahead of 1.0814 (low May 8) and finally 1.0762 (low Jan.8).