Back
29 Oct 2014
USD/CAD supported at 1.1120
FXStreet (Edinburgh) - The downbeat momentum around the greenback seems to have found decent support in the low-1.1100s, with USD/CAD now coming back to the 1.1140 region.
USD/CAD looks to the Fed
Spot is losing ground for the second consecutive session so far, printing session lows in levels last seen in early October around 1.1130. The current leg lower remains framed within the ampler correction lower from multi-year peaks near 1.1400 the figure (October 15th). Next of note will be the long waited FOMC meeting, expected to announce the end of the current QE3 programme. Strategists at TD Securities suggested “we have to think that 1.1190/00 is resistance for USDCAD in the near-term and that the market is liable to fade short-term gains back above 1.1150 to the upper 1.11s with a view to testing 1.1075/80”.
USD/CAD significant levels
At the moment the pair is retreating 0.26% at 1.1137 with the next support at 1.1093 (38.2% of 1.0620-1.1385) followed by 1.1082 (low Oct.9) and then 1.1071 (low Oct.2). On the upside, a break above 1.1224 (Tenkan Sen) would target 1.1255 (high Oct.27) en route to 1.1263 (high Oct.23).
USD/CAD looks to the Fed
Spot is losing ground for the second consecutive session so far, printing session lows in levels last seen in early October around 1.1130. The current leg lower remains framed within the ampler correction lower from multi-year peaks near 1.1400 the figure (October 15th). Next of note will be the long waited FOMC meeting, expected to announce the end of the current QE3 programme. Strategists at TD Securities suggested “we have to think that 1.1190/00 is resistance for USDCAD in the near-term and that the market is liable to fade short-term gains back above 1.1150 to the upper 1.11s with a view to testing 1.1075/80”.
USD/CAD significant levels
At the moment the pair is retreating 0.26% at 1.1137 with the next support at 1.1093 (38.2% of 1.0620-1.1385) followed by 1.1082 (low Oct.9) and then 1.1071 (low Oct.2). On the upside, a break above 1.1224 (Tenkan Sen) would target 1.1255 (high Oct.27) en route to 1.1263 (high Oct.23).