6 Jun 2013
USD/CAD recovers the level of 1.0324/30
FXstreet.com (Barcelona) - The USD/CAD exchange rate recovered the mark of 1.0324/30 after the release of US data Thursday.
In the United States, Initial Jobless Claims (June 1) came in at 346K, against expectations of 345K. In addition, Continuing Jobless Claims (May 25) yielded a figure of 2.952M, relative to estimates calling for 2.975M.
After the recent recovery, the USD/CAD is still trading negatively at -0.15%. According to Gareth Berry, a Research Analyst at UBS, “Resistance for the USD/CAD pair is at 1.0388, a break above which would open the way to 1.0451 and then 1.0524 – support is at 1.0328 ahead of 1.0262, indicating a bullish intraday bias.”
“Based on the charts, the USD/CAD’s slide below short-term support just under 1.0300 at the start of the week has yielded naught, so far. Instead, the quick snap higher again through mid-week makes the downside move look like a false break and the bigger picture look still relatively constructive. We think 1.0295/1.03 is firm short-term support now. Short-term price signals suggest the intraday low may be in already. We look for gains to 1.0375/85.” recommends the TD Securities Team.
In the United States, Initial Jobless Claims (June 1) came in at 346K, against expectations of 345K. In addition, Continuing Jobless Claims (May 25) yielded a figure of 2.952M, relative to estimates calling for 2.975M.
After the recent recovery, the USD/CAD is still trading negatively at -0.15%. According to Gareth Berry, a Research Analyst at UBS, “Resistance for the USD/CAD pair is at 1.0388, a break above which would open the way to 1.0451 and then 1.0524 – support is at 1.0328 ahead of 1.0262, indicating a bullish intraday bias.”
“Based on the charts, the USD/CAD’s slide below short-term support just under 1.0300 at the start of the week has yielded naught, so far. Instead, the quick snap higher again through mid-week makes the downside move look like a false break and the bigger picture look still relatively constructive. We think 1.0295/1.03 is firm short-term support now. Short-term price signals suggest the intraday low may be in already. We look for gains to 1.0375/85.” recommends the TD Securities Team.