24 Jun 2014
USD/CAD capped by 1.0740
FXStreet (Edinburgh) - The greenback is now deflating from session highs vs. its Canadian counterpart, driving the USD/CAD to the 1.0730/25 levels on Tuesday.
USD/CAD softer post-US data
The pair is surrendering part of the initial gains after the US S&P-Case/Shiller index rose 10.8% on a yearly basis in April, missing forecasts for a 11.6% advance and down from March’s12.4%. Next of note will be the US Consumer Confidence for the month of June, with consensus expecting a small improvement to 83.5 from 83.0. “Intraday, we look for support around the 1.0715/20 area, where the market has based so far this week. Gains may pick up above 1.0745 towards the 1.0780/90 area but may struggle to get much beyond that point for now”, signalled Shaun Osborne, Chief FX Strategist at TD Securities.
USD/CAD levels to watch
The pair is now losing 0.01% at 1.0730 with the initial support at 1.0654 (low Jan.7) followed by 1.0601 (61.8% of 1.0182-1.1279) and then 1.0589 (2014 low Jan.2). On the upside, a surpass of 1.0762 (high Jun.23) would aim for 1.0898 (high Jun.18) and finally 1.0902 (daily cloud base).
USD/CAD softer post-US data
The pair is surrendering part of the initial gains after the US S&P-Case/Shiller index rose 10.8% on a yearly basis in April, missing forecasts for a 11.6% advance and down from March’s12.4%. Next of note will be the US Consumer Confidence for the month of June, with consensus expecting a small improvement to 83.5 from 83.0. “Intraday, we look for support around the 1.0715/20 area, where the market has based so far this week. Gains may pick up above 1.0745 towards the 1.0780/90 area but may struggle to get much beyond that point for now”, signalled Shaun Osborne, Chief FX Strategist at TD Securities.
USD/CAD levels to watch
The pair is now losing 0.01% at 1.0730 with the initial support at 1.0654 (low Jan.7) followed by 1.0601 (61.8% of 1.0182-1.1279) and then 1.0589 (2014 low Jan.2). On the upside, a surpass of 1.0762 (high Jun.23) would aim for 1.0898 (high Jun.18) and finally 1.0902 (daily cloud base).