25 Jul 2014
USD/CAD muted post-data
FXStreet (Edinburgh) - The greenback is trading on a firmer footing against the Canadian dollar on Friday, lifting the USD/CAD to upper band of the range around 1.0760.
USD/CAD ignores US data
Spot practically ignored the better-than-expected results from the US Durable Goods Orders, with the headline reading advancing 0.7% and 0.8% excluding the Transportation sector. Without further data releases, the par remains poised for further consolidation in current levels ahead of the weekend. “An important test for the USD remains just above the market at 1.0815/25 where the old range lows and the 200-day MA converge. But our read of the charts suggests that the late week break out in USDCAD—if sustained—will put the USD on track for a push to the low 1.09s”, noted Shaun Osborne, Chief FX Strategist at TD Securities.
USD/CAD levels to watch
As of writing the pair is up 0.13% at 1.0759 facing the next resistance at 1.0795 (high Jul.16) ahead of 1.0814 (low May 8) and then 1.0827 (200-d MA). On the other hand, a breakdown of 1.0708 (low Jul.18) would expose 1.0694 (high Jul.8) and finally 1.0687 (61.8% of 1.0620-1.0795).
USD/CAD ignores US data
Spot practically ignored the better-than-expected results from the US Durable Goods Orders, with the headline reading advancing 0.7% and 0.8% excluding the Transportation sector. Without further data releases, the par remains poised for further consolidation in current levels ahead of the weekend. “An important test for the USD remains just above the market at 1.0815/25 where the old range lows and the 200-day MA converge. But our read of the charts suggests that the late week break out in USDCAD—if sustained—will put the USD on track for a push to the low 1.09s”, noted Shaun Osborne, Chief FX Strategist at TD Securities.
USD/CAD levels to watch
As of writing the pair is up 0.13% at 1.0759 facing the next resistance at 1.0795 (high Jul.16) ahead of 1.0814 (low May 8) and then 1.0827 (200-d MA). On the other hand, a breakdown of 1.0708 (low Jul.18) would expose 1.0694 (high Jul.8) and finally 1.0687 (61.8% of 1.0620-1.0795).