31 Jul 2013
USD/CAD exceeded 1.0330
FXstreet.com (Barcelona) - USD/CAD had exceeded 1.0330 but has since resumed below previous high on the day and trades at 1.0315.
USD/CAD has settled after the release of both Canadian GDP and US GDP, including ADP employment change, ahead of FOMC tonight. The Canadian GDP came in below expectation printing 0.2% vrs 0.3% consensus while the US Q2 GDP 1.7% vrs 1.2% and 1.1%. The pair also faced US PCE Q2 Q/Q coming in negatively 0.0% vrs 1.6% consensus, albeit less in focus than the GDP and employment change data.
FOMC
Research teams at TD Securities suggested that the “FOMC is perhaps the most highly anticipated event of the day but risks delivering the least in terms of market impact. With no press conference or updated economic forecasts, this is probably not a meeting that will deliver major changes in the policy. The policy statement is expected to have a somewhat dovish bias and might weigh on the USD modestly but, without substantive changes in the message, we rather think the softer trend in the USD evident recently may reverse somewhat”.
USD/CAD levels
The 20d ma is at 1.0394, with 50d ma at 1.0361, and the 200d ma is at 1.0132. The RSI reads (9) 32.34. Supports ascending from 1.0150, 1.0170, on the way to 1.0230, 1.0253,1.0300 while Spot is currently 1.0315. Resistances are 1.0349 1.0368 1.0393 1.0445.
USD/CAD has settled after the release of both Canadian GDP and US GDP, including ADP employment change, ahead of FOMC tonight. The Canadian GDP came in below expectation printing 0.2% vrs 0.3% consensus while the US Q2 GDP 1.7% vrs 1.2% and 1.1%. The pair also faced US PCE Q2 Q/Q coming in negatively 0.0% vrs 1.6% consensus, albeit less in focus than the GDP and employment change data.
FOMC
Research teams at TD Securities suggested that the “FOMC is perhaps the most highly anticipated event of the day but risks delivering the least in terms of market impact. With no press conference or updated economic forecasts, this is probably not a meeting that will deliver major changes in the policy. The policy statement is expected to have a somewhat dovish bias and might weigh on the USD modestly but, without substantive changes in the message, we rather think the softer trend in the USD evident recently may reverse somewhat”.
USD/CAD levels
The 20d ma is at 1.0394, with 50d ma at 1.0361, and the 200d ma is at 1.0132. The RSI reads (9) 32.34. Supports ascending from 1.0150, 1.0170, on the way to 1.0230, 1.0253,1.0300 while Spot is currently 1.0315. Resistances are 1.0349 1.0368 1.0393 1.0445.