1 Aug 2013
USD/CAD consolidates above 1.0300
FXstreet.com (Edinburgh) -The USD continues to push higher on Thursday, lifting the USD/CAD beyond the key resistance at 1.0300.
USD/CAD bolstered by data
Better-than-expected data from the US labour market and the manufacturing sector gauged by the ISM and PMI indices are propping up the current upside, finally surpassing the 1.0300 barrier. G.Moore and S.Osborne, FX Strategists at TD Securities, commented, “Daily signals are encouraging from the USD-bullish perspective because, firstly, the slow stochastic oscillator suggests the USD sell off is over-extended and poised to turn higher. Secondly, the market has found solid support this week around the 76.4% retracement of the June/July rally. Finally, minor bear trend resistance in the mid 1.02s has been broken”.
USD/CAD critical levels
The pair is now up 0.48% at 1.0327 with the next hurdle at 1.0337 (high Jul.31) followed by 1.0349 (high Jul.23) and then 1.0355 (low Jul.17). On the downside, a break below 1.0265 (low Aug.1) would expose 1.0245 (low Jul.31) and finally 1.0170 (low Jun.19).
USD/CAD bolstered by data
Better-than-expected data from the US labour market and the manufacturing sector gauged by the ISM and PMI indices are propping up the current upside, finally surpassing the 1.0300 barrier. G.Moore and S.Osborne, FX Strategists at TD Securities, commented, “Daily signals are encouraging from the USD-bullish perspective because, firstly, the slow stochastic oscillator suggests the USD sell off is over-extended and poised to turn higher. Secondly, the market has found solid support this week around the 76.4% retracement of the June/July rally. Finally, minor bear trend resistance in the mid 1.02s has been broken”.
USD/CAD critical levels
The pair is now up 0.48% at 1.0327 with the next hurdle at 1.0337 (high Jul.31) followed by 1.0349 (high Jul.23) and then 1.0355 (low Jul.17). On the downside, a break below 1.0265 (low Aug.1) would expose 1.0245 (low Jul.31) and finally 1.0170 (low Jun.19).