2 Sep 2013
USD/CAD faltered around 1.0560
FXstreet.com (Edinburgh) - The USD rally is alive and pushing the USD/CAD to multi-day highs in levels just shy of 1.0560 on Monday, as markets remain submerged into the US holiday lull.
USD/CAD eyes on BoC meeting
The pair is prolonging the ascent for the fourth consecutive week so far, closer to the ytd peak just above 1.0600 the figure on July 5th (1.0609). The BoC will hold its monetary policy meeting on Wednesday and according to analysts at BMO, “The measured rule for the pattern in the pair which involved the recent pullback to the upper end of the 1.0388/1.0456 fib retracement target would indicate a 180 point extension from the breakout point (1.0510) taking spot to 1.0690. Look for 1.0500/10 in USD/CAD to provide support with the overall bias in the pair remaining skewed towards buys on dips for a final leg higher to 1.0650/1.0700.
USD/CAD levels to watch
The pair is now advancing 0.20% at 1.0552 facing the next resistance at 1.0569 (high Aug.23) followed by 1.0574 (high Jul.9) and then 1.0586 (high Jul.8). On the downside, a breach of 1.0495 (MA10d) would aim for 1.0471 (low Aug.22) and finally 1.0393 (low Aug.21).
USD/CAD eyes on BoC meeting
The pair is prolonging the ascent for the fourth consecutive week so far, closer to the ytd peak just above 1.0600 the figure on July 5th (1.0609). The BoC will hold its monetary policy meeting on Wednesday and according to analysts at BMO, “The measured rule for the pattern in the pair which involved the recent pullback to the upper end of the 1.0388/1.0456 fib retracement target would indicate a 180 point extension from the breakout point (1.0510) taking spot to 1.0690. Look for 1.0500/10 in USD/CAD to provide support with the overall bias in the pair remaining skewed towards buys on dips for a final leg higher to 1.0650/1.0700.
USD/CAD levels to watch
The pair is now advancing 0.20% at 1.0552 facing the next resistance at 1.0569 (high Aug.23) followed by 1.0574 (high Jul.9) and then 1.0586 (high Jul.8). On the downside, a breach of 1.0495 (MA10d) would aim for 1.0471 (low Aug.22) and finally 1.0393 (low Aug.21).