29 Apr 2014
USD/CAD slumps below 1.1000
FXStreet (Edinburgh) - The greenback is now rapidly depreciating against its northern neighbor on Tuesday, dragging the USD/CAD below the critical 1.1000 support.
USD/CAD in 2-week lows
The pair has retraced last week’s advance and remains on its way to challenge 1.0942 (April 14th low) ahead of today’s US Consumer Confidence (83.0 exp.) and the S&P/Case-Shiller index (13.0% exp.). In the view of Camilla Sutton, Chief FX Strategist at Scotiabank, “the short term technicals are mixed, as USDCAD range trades either side of 1.10. The 50 day MA at 1.1057 and 100-d MA at 1.0958 can be used as support and resistance levels”. The next risk event in Canada will be tomorrow’s release of February’s GDP figures, expected at 0.2%.
USD/CAD levels to consider
At the moment the pair is losing 0.51% at 1.0971 with the next resistance at 1.1053 (high Apr.23) ahead of 1.1069 (50% of 1.1279-1.0858) and finally 1.1078 (high Mar.28).
USD/CAD in 2-week lows
The pair has retraced last week’s advance and remains on its way to challenge 1.0942 (April 14th low) ahead of today’s US Consumer Confidence (83.0 exp.) and the S&P/Case-Shiller index (13.0% exp.). In the view of Camilla Sutton, Chief FX Strategist at Scotiabank, “the short term technicals are mixed, as USDCAD range trades either side of 1.10. The 50 day MA at 1.1057 and 100-d MA at 1.0958 can be used as support and resistance levels”. The next risk event in Canada will be tomorrow’s release of February’s GDP figures, expected at 0.2%.
USD/CAD levels to consider
At the moment the pair is losing 0.51% at 1.0971 with the next resistance at 1.1053 (high Apr.23) ahead of 1.1069 (50% of 1.1279-1.0858) and finally 1.1078 (high Mar.28).