27 May 2014
USD/CAD testing highs around 1.0870
FXStreet (Edinburgh) -The greenback is pushing higher on Tuesday, lifting the USD/CAD to post fresh intraday highs beyond 1.0870.
USD/CAD boosted by data
The pair managed to break above the overnight consolidation pattern after very positive results from the US docket, where Durable Goods Orders, Services PMI, Consumer Confidence and the housing index tracked by S&P/Case-Shiller all bettered forecasts. “Price action had looked promising for the USD last week as the market pushed through the trend line to test the low 1.09 area. But the failure to progress leaves the door open for a retest of the low 1.08 support zone ahead”, suggested Shaun Osborne, Chief FX Strategist at TD Securities.
USD/CAD levels to watch
The pair is now up 1.0874 with the next resistance at 1.0881 (high May 26) ahead of 1.0909 (high May 23) and finally 1.0932 (high May 22). On the flip side, a breakdown of 1.0814 (low May 8) would expose 1.0762 (low Jan.8) and then 1.0737 (high Dec.20).
USD/CAD boosted by data
The pair managed to break above the overnight consolidation pattern after very positive results from the US docket, where Durable Goods Orders, Services PMI, Consumer Confidence and the housing index tracked by S&P/Case-Shiller all bettered forecasts. “Price action had looked promising for the USD last week as the market pushed through the trend line to test the low 1.09 area. But the failure to progress leaves the door open for a retest of the low 1.08 support zone ahead”, suggested Shaun Osborne, Chief FX Strategist at TD Securities.
USD/CAD levels to watch
The pair is now up 1.0874 with the next resistance at 1.0881 (high May 26) ahead of 1.0909 (high May 23) and finally 1.0932 (high May 22). On the flip side, a breakdown of 1.0814 (low May 8) would expose 1.0762 (low Jan.8) and then 1.0737 (high Dec.20).