25 Mar 2014
USD/CAD extends the decline
FXStreet (Edinburgh) - The USD/CAD is prolonging its descent from session tops beyond 1.1200 the figure to the current lower band of the range around 1.1165/60.
USD/CAD off multi-year highs
The pair continues to retrace the spike post-FOMC meeting to levels near 1.1280, last seen in mid-2009, as the greenback is now losing some of its recent shine. According to Stephen Gallo, European Head FX Strategy at BMO, “ The initial layer of support comes in around 1.1175/1.1150, which was Friday’s post data low. On the day we should find sellers around 1.1250/1.1275, and behind that the key 1.1300 area looks pivotal. A break through there and we should see a run on 1.1400/1.1500”.
USD/CAD significant levels
As of writing the pair is retreating 0.22% at 1.1166 with the next support at 1.1122 (low Mar.19) followed by 1.1045 (daily cloud top) and finally 1.1025 (low Mar.18). On the upside, a break above 1.1300 (psychological level) would expose 1.1400 (psychological level) and then 1.1669 (61.8% of 1.3066-0.9407).
USD/CAD off multi-year highs
The pair continues to retrace the spike post-FOMC meeting to levels near 1.1280, last seen in mid-2009, as the greenback is now losing some of its recent shine. According to Stephen Gallo, European Head FX Strategy at BMO, “ The initial layer of support comes in around 1.1175/1.1150, which was Friday’s post data low. On the day we should find sellers around 1.1250/1.1275, and behind that the key 1.1300 area looks pivotal. A break through there and we should see a run on 1.1400/1.1500”.
USD/CAD significant levels
As of writing the pair is retreating 0.22% at 1.1166 with the next support at 1.1122 (low Mar.19) followed by 1.1045 (daily cloud top) and finally 1.1025 (low Mar.18). On the upside, a break above 1.1300 (psychological level) would expose 1.1400 (psychological level) and then 1.1669 (61.8% of 1.3066-0.9407).