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9 Jul 2013
USD/CAD stabilizes around 1.0530
FXstreet.com (Barcelona) - After bouncing to the 1.0560 region, the USD/CAD eroded the bounce and is trading back around 1.0530 as the US session is drawing to a close.
USD/CAD eyes 1.0600 ahead of FOMC minutes
The pair is losing ground for the second consecutive session after an unsuccessful attempt to follow through the psychological resistance at 1.0600 during last week. In the opinion of G.Moore and S.Osborne, FX Strategists at TD Securities, “The market is grinding up against the ceiling of the bull channel in place over the past few months and a deeper correction is still possible, or even warranted. We still rather think that the strength of the underlying trend higher means that short-term USD/CAD losses will remain contained to the high 1.04/low 1.05 area for now”.
USD/CAD key levels
At the moment, the pair is down 0.26% at 1.0530 with the next support at 1.0522 (MA10d) ahead of 1.0512 (low Jul.5) and finally 1.0472 (low Jul.4). On the upside, a breakout of 1.0574 (high Jul.9) would expose 1.0586 (high Jul.8) and then 1.0600 (psychological level).
USD/CAD eyes 1.0600 ahead of FOMC minutes
The pair is losing ground for the second consecutive session after an unsuccessful attempt to follow through the psychological resistance at 1.0600 during last week. In the opinion of G.Moore and S.Osborne, FX Strategists at TD Securities, “The market is grinding up against the ceiling of the bull channel in place over the past few months and a deeper correction is still possible, or even warranted. We still rather think that the strength of the underlying trend higher means that short-term USD/CAD losses will remain contained to the high 1.04/low 1.05 area for now”.
USD/CAD key levels
At the moment, the pair is down 0.26% at 1.0530 with the next support at 1.0522 (MA10d) ahead of 1.0512 (low Jul.5) and finally 1.0472 (low Jul.4). On the upside, a breakout of 1.0574 (high Jul.9) would expose 1.0586 (high Jul.8) and then 1.0600 (psychological level).