27 Jun 2013
USD/CAD continues to pare losses
FXstreet.com (New York) - The <a href="http://www.fxstreet.com/technical/currencies-glance/pair.aspx?id=usd/cad">USD/CAD foreign exchange rate has bounced off the 1.0432 level earlier today, retracing a portion of its losses Thursday during US trading.
In the United States, Personal Income (MoM) rose +0.5% in May, beating estimates of +0.2%. In addition, Core Personal Consumption Expenditure – Price Index (YoY) yielded +1.1% in May, which matched its previous figure. Finally, Initial Jobless Claims were reported at 346K, exceeding expectations of 345K.
USD/CAD eliminates portion of losses
Following the recent recovery, the USD/CAD is still operating in negative territory at 1.0455, down -0.15% thus far. Technically speaking, Mataf.net analysts identify the next short-term measures of support at 1.0440, then 1.0419, and 1.0379. Meanwhile, resistance lies ahead at 1.0501, onto 1.0541 and 1.0562.
USD/CAD deeper USD correction likely
According to the TD Securities Team, “Short-term bullish momentum for the USD/CAD has stalled but the consolidation patterns are still pointing higher – a bull wedge on the 6-hour chart suggests the rally resumes above 1.0470 intraday to at least retest the mid 1.0500 area. Broader technical patterns are a bit less constructive so sustained losses in the next day or two may point to a deeper USD correction. ”
In the United States, Personal Income (MoM) rose +0.5% in May, beating estimates of +0.2%. In addition, Core Personal Consumption Expenditure – Price Index (YoY) yielded +1.1% in May, which matched its previous figure. Finally, Initial Jobless Claims were reported at 346K, exceeding expectations of 345K.
USD/CAD eliminates portion of losses
Following the recent recovery, the USD/CAD is still operating in negative territory at 1.0455, down -0.15% thus far. Technically speaking, Mataf.net analysts identify the next short-term measures of support at 1.0440, then 1.0419, and 1.0379. Meanwhile, resistance lies ahead at 1.0501, onto 1.0541 and 1.0562.
USD/CAD deeper USD correction likely
According to the TD Securities Team, “Short-term bullish momentum for the USD/CAD has stalled but the consolidation patterns are still pointing higher – a bull wedge on the 6-hour chart suggests the rally resumes above 1.0470 intraday to at least retest the mid 1.0500 area. Broader technical patterns are a bit less constructive so sustained losses in the next day or two may point to a deeper USD correction. ”