1 May 2014
USD/CAD testing lows near 1.0950
FXStreet (Edinburgh) - The USD/CAD is accelerating the intraday decline on Thursday, testing fresh lows in the 1.0960/50 band.
USD/CAD capped by 1.1000
The pair remains in the lower end of the weekly range, still unable to break above the key 1.1000 mark with conviction. Mixed results from the US docket today did little to wake up the greenback, dragging spot from the vicinity of 1.1000 the figure. From the technical aspect, Shaun Osborne, Chief FX Strategist at TD Securities, suggested, “USDCAD has tested 1.0945 three times in the past two days and with this morning’s push through the intervening high extending, a triple bottomed has formed and been triggered. The formation targets a measured move rise to the 1.1010 area—more or less a retest of the base of the late April range in funds. Short-term support (intraday) should be firm at 1.0965/75 now”.
USD/CAD levels to watch
As of writing the pair is flat at 1.0961 with the next resistance at 1.0998 (Tenkan Sen) ahead of 1.1014 (low Apr.25) and finally 1.1053 (high Apr.23). On the flip side, a breakdown of 1.0943 (low Apr.30) would open the door to 1.0919 (low Apr.11) and then 1.0868 (low Apr.10).
USD/CAD capped by 1.1000
The pair remains in the lower end of the weekly range, still unable to break above the key 1.1000 mark with conviction. Mixed results from the US docket today did little to wake up the greenback, dragging spot from the vicinity of 1.1000 the figure. From the technical aspect, Shaun Osborne, Chief FX Strategist at TD Securities, suggested, “USDCAD has tested 1.0945 three times in the past two days and with this morning’s push through the intervening high extending, a triple bottomed has formed and been triggered. The formation targets a measured move rise to the 1.1010 area—more or less a retest of the base of the late April range in funds. Short-term support (intraday) should be firm at 1.0965/75 now”.
USD/CAD levels to watch
As of writing the pair is flat at 1.0961 with the next resistance at 1.0998 (Tenkan Sen) ahead of 1.1014 (low Apr.25) and finally 1.1053 (high Apr.23). On the flip side, a breakdown of 1.0943 (low Apr.30) would open the door to 1.0919 (low Apr.11) and then 1.0868 (low Apr.10).