8 Aug 2013
USD/CAD keeps falling, around 1.0350
FXstreet.com (Edinburgh) -Generalized selling interest around the world’s reserve is pushing the USD/CAD off the cliff, testing weekly lows in the vicinity of 1.0350 on Thursday.
USD/CAD capped by 1.0450
The recent bull run stalled just in front of the mid 1.0400s, with the pair unable to extend the rally further. Poor results from the housing sector followed by a weaker Ivey PMI yesterday added selling pressure to the CAD. “We still think the rebound from 1.0250 last week was significant from a longer-term perspective (bullish outside range) and that bullishly aligned trend indicators should limit scope for USD weakness overall. We look for firm daily support 1.0340/50, key daily support is 1.0250/70 now”, signalled G.Moore and S.Osborne, FX Strategists at TD Securities.
USD/CAD levels to watch
The pair is now retreating 0.73% at 1.0349 with the next support at 1.0245 (low Jul.31) ahead of 1.0170 (low Jun.19) and then 1.0150 (low Jun.17). On the upside, a break above 1.0430 (high Aug.8) would target 1.0449 (high Jul.11) en route to 1.0526 (high Jul.10).
USD/CAD capped by 1.0450
The recent bull run stalled just in front of the mid 1.0400s, with the pair unable to extend the rally further. Poor results from the housing sector followed by a weaker Ivey PMI yesterday added selling pressure to the CAD. “We still think the rebound from 1.0250 last week was significant from a longer-term perspective (bullish outside range) and that bullishly aligned trend indicators should limit scope for USD weakness overall. We look for firm daily support 1.0340/50, key daily support is 1.0250/70 now”, signalled G.Moore and S.Osborne, FX Strategists at TD Securities.
USD/CAD levels to watch
The pair is now retreating 0.73% at 1.0349 with the next support at 1.0245 (low Jul.31) ahead of 1.0170 (low Jun.19) and then 1.0150 (low Jun.17). On the upside, a break above 1.0430 (high Aug.8) would target 1.0449 (high Jul.11) en route to 1.0526 (high Jul.10).