13 Nov 2013
USD/CAD in weekly lows around 1.0450
FXstreet.com (Edinburgh) -The USD is losing the grip now, taking the USD/CAD to fresh weekly lows around the key 1.0450, as risk-on trade continues to prevail.
USD/CAD eyes on Bernake,Yellen, US data
The bull run from the area around 1.0400 the figure seems to have run out of steam just beyond the 1.0500 handle, sparking the current correction lower amidst a favourable tone for riskier assets. B.Bernake’s speech and tomorrow’s testimony by J.Yellen would be the major events for the greenback alongside US/Canadian trade balance figures and the weekly report on the US labour market. “We hold a USD/CAD year-end forecast of 1.06 Expecting some modest CAD weakness into year-end. The broader outlook for CAD is that it is caught between positive and negative drivers; with the risk favouring a depreciating bias”, observed Camilla Sutton, Chief Strategist at Scotiabank.
USD/CAD levels to watch
The pair is losing 0.25% at 1.0466 with the next support at 1.0446 (low Nov.8) followed by 1.0414 (MA21d) and finally 1.0406 (low Nov.7). On the upside, a breakout of 1.0509 (high Nov.12) would target 1.0516 (high Sep.5) and then 1.0560 (high Sep.3).
USD/CAD eyes on Bernake,Yellen, US data
The bull run from the area around 1.0400 the figure seems to have run out of steam just beyond the 1.0500 handle, sparking the current correction lower amidst a favourable tone for riskier assets. B.Bernake’s speech and tomorrow’s testimony by J.Yellen would be the major events for the greenback alongside US/Canadian trade balance figures and the weekly report on the US labour market. “We hold a USD/CAD year-end forecast of 1.06 Expecting some modest CAD weakness into year-end. The broader outlook for CAD is that it is caught between positive and negative drivers; with the risk favouring a depreciating bias”, observed Camilla Sutton, Chief Strategist at Scotiabank.
USD/CAD levels to watch
The pair is losing 0.25% at 1.0466 with the next support at 1.0446 (low Nov.8) followed by 1.0414 (MA21d) and finally 1.0406 (low Nov.7). On the upside, a breakout of 1.0509 (high Nov.12) would target 1.0516 (high Sep.5) and then 1.0560 (high Sep.3).