29 Jul 2013
USD/CAD navigating lows around 1.0260
FXstreet.com (Edinburgh) - The Canadian dollar is gaining some traction against its neighbour on Monday despite the prevailing risk aversion, pushing the USD/CAD to the area of 1.0260.
USD/CAD supported around 1.0250/60
The pair is thus extending its decline for the fourth consecutive weeks, correcting lower since July tops beyond 1.0600 the figure. G.Moore and S.Osborne, FX Strategists at TD Securities, “USD/CAD’s late July slide has failed to extend significantly—so far… Over the past week, the trend down has started to flatten out… Short-term trend resistance (1.0281) is coming under pressure at the start of our session today and a push through here may yield a rebound to the low 1.03 zone. We spot support at 1.0250/55”.
USD/CAD levels to watch
At the moment the pair is down 0.23% at 1.0260 and a dip beyond 1.0255 (low Jul.25) would expose 1.0170 (low Jun.19). On the upside, the initial barrier aligns at 1.0285 (daily cloud base) followed by 1.0325 (high Jun.24) and then 1.0349 (high Jul.23).
USD/CAD supported around 1.0250/60
The pair is thus extending its decline for the fourth consecutive weeks, correcting lower since July tops beyond 1.0600 the figure. G.Moore and S.Osborne, FX Strategists at TD Securities, “USD/CAD’s late July slide has failed to extend significantly—so far… Over the past week, the trend down has started to flatten out… Short-term trend resistance (1.0281) is coming under pressure at the start of our session today and a push through here may yield a rebound to the low 1.03 zone. We spot support at 1.0250/55”.
USD/CAD levels to watch
At the moment the pair is down 0.23% at 1.0260 and a dip beyond 1.0255 (low Jul.25) would expose 1.0170 (low Jun.19). On the upside, the initial barrier aligns at 1.0285 (daily cloud base) followed by 1.0325 (high Jun.24) and then 1.0349 (high Jul.23).