26 May 2014
USD/CAD flat-lining around 1.0860
FXStreet (Edinburgh) - The USD/CAD is trading in a very narrow range at the beginning of the week, sidelined around the 1.0860 level so far.
USD/CAD consolidating the downside
Spot is looking to consolidate last week’s drop from peaks in the mid-1.09s amidst anaemic trading and thin volatility due to the inactivity in the US/UK markets. Next on tap in the US docket will be tomorrow’s Durable Goods Orders, Consumer Confidence and the S&P/Case-Shiller index. “If the prevailing trend continues, we can expect USDCAD to pressure support around 1.0850 (last week’s low) intraday—though perhaps not that much more. We look for resistance in the 1.0875/80 zone”, noted Shaun Osborne, Chief FX Strategist at TD Securities.
USD/CAD levels to consider
At the moment, the pair is flat at 1.0864 with the next resistance at 1.0961 (high May 6) followed by 1.1001 (21-w MA) and finally 1.1007 (high May 2). On the downside, a break below 1.0851 (May 18) would open the door to 1.0814 (low May 8) and then 1.0762 (low Jan.8).
USD/CAD consolidating the downside
Spot is looking to consolidate last week’s drop from peaks in the mid-1.09s amidst anaemic trading and thin volatility due to the inactivity in the US/UK markets. Next on tap in the US docket will be tomorrow’s Durable Goods Orders, Consumer Confidence and the S&P/Case-Shiller index. “If the prevailing trend continues, we can expect USDCAD to pressure support around 1.0850 (last week’s low) intraday—though perhaps not that much more. We look for resistance in the 1.0875/80 zone”, noted Shaun Osborne, Chief FX Strategist at TD Securities.
USD/CAD levels to consider
At the moment, the pair is flat at 1.0864 with the next resistance at 1.0961 (high May 6) followed by 1.1001 (21-w MA) and finally 1.1007 (high May 2). On the downside, a break below 1.0851 (May 18) would open the door to 1.0814 (low May 8) and then 1.0762 (low Jan.8).