26 Sep 2013
USD/CAD well supported at 1.0300
FXstreet.com (Edinburgh) -The better tone in the greenback pushed the USD/CAD to the area of 1.0310/15 after mixed US results on Thursday.
USD/CAD buoyed by data
The pair seems to have found solid support in the vicinity of the psychological level at 1.0300 this week, despite the prevailing USD choppiness. The pair is now accelerating its bid tone after the weekly report on the US labour market showed another drop of Initial Claims and the third revision of the GDP saw the economic activity expanding 2.5% annually, slightly lower than forecasts. “USD/CAD continues to trade in an extremely tight range, with a lack of clarity from the Fed helping to perpetuate the broad consolidative tone… For today then, that should keep 1.0260/1.0350 the solid range for USD/CAD”, assessed analysts at TD Securities.
USD/CAD levels to consider
At the moment the pair is flat at 1.0312 with the next resistance at 1.0330 (38.2% of 1.0569-1.0182) followed by 1.0334 (high Sep.17) and finally 1.0357 (high Sep.16). On the downside, a break below 1.0296 (MA10d) would expose 1.0225 (MA200d) and then 1.0182 (low Sep.19).
USD/CAD buoyed by data
The pair seems to have found solid support in the vicinity of the psychological level at 1.0300 this week, despite the prevailing USD choppiness. The pair is now accelerating its bid tone after the weekly report on the US labour market showed another drop of Initial Claims and the third revision of the GDP saw the economic activity expanding 2.5% annually, slightly lower than forecasts. “USD/CAD continues to trade in an extremely tight range, with a lack of clarity from the Fed helping to perpetuate the broad consolidative tone… For today then, that should keep 1.0260/1.0350 the solid range for USD/CAD”, assessed analysts at TD Securities.
USD/CAD levels to consider
At the moment the pair is flat at 1.0312 with the next resistance at 1.0330 (38.2% of 1.0569-1.0182) followed by 1.0334 (high Sep.17) and finally 1.0357 (high Sep.16). On the downside, a break below 1.0296 (MA10d) would expose 1.0225 (MA200d) and then 1.0182 (low Sep.19).