10 Jul 2013
USD/CAD keeps correcting lower
FXstreet.com (Edinburgh) - The Canadian dollar continues to strengthen against the greenback on Wednesday, dragging the USD/CAD to its third consecutive session in red.
USD/CAD eyes on FOMC minutes, Bernanke
Positive data in the Canadian economy as of late plus a risk-on flavour amongst traders gave the CAD some oxygen, recovering ground after lows around 1.0600. “The minutes from the FOMC 18-19 June meeting may come across as more hawkish than the Fed wants to see, judging from the steep +40bp move higher in Treasury yields since the June meeting. But Bernanke is speaking two hours later and is expected to massage the message with a more dovish tone”, suggested Marcin Budkiewicz, Strategist at TD Securities.
USD/CAD critical levels
The pair is now losing 0.11% at 1.0515 with the next support at 1.0499 (low Jul.10) ahead of 1.0498 (23.6% of 1.0137-1.0609) and finally 1.0472 (low Jul.4). On the upside, a break above 1.0540 (high Jul.10) would aim for 1.0574 (high Jul.9) and then 1.0586 (high Jul.8).
USD/CAD eyes on FOMC minutes, Bernanke
Positive data in the Canadian economy as of late plus a risk-on flavour amongst traders gave the CAD some oxygen, recovering ground after lows around 1.0600. “The minutes from the FOMC 18-19 June meeting may come across as more hawkish than the Fed wants to see, judging from the steep +40bp move higher in Treasury yields since the June meeting. But Bernanke is speaking two hours later and is expected to massage the message with a more dovish tone”, suggested Marcin Budkiewicz, Strategist at TD Securities.
USD/CAD critical levels
The pair is now losing 0.11% at 1.0515 with the next support at 1.0499 (low Jul.10) ahead of 1.0498 (23.6% of 1.0137-1.0609) and finally 1.0472 (low Jul.4). On the upside, a break above 1.0540 (high Jul.10) would aim for 1.0574 (high Jul.9) and then 1.0586 (high Jul.8).