25 Jun 2014
USD/CAD dips to lows near 1.0720
FXStreet (Edinburgh) - The greenback now accelerates its intraday decline, pushing the USD/CAD to test the lower badn of the weekly range near 1.0720.
USD/CAD weaker post-US docket
Disappointing figures from the second revision of the US GDP Annualized for the first quarter (-2.9%) plus poor Durable Goods Orders in May hurt the USD on Wednesday and intensified the selling pressure around the pair. “We still look for support in the low 1.07 area to provide a little bit of a toe-hold for the market through the close of the week. If not, 1.0600/50 is likely to be tested. Key resistance is 1.0815/25”, signalled Shaun Osborne, Chief FX Strategist at TD Securities.
USD/CAD levels to watch
The pair is now losing 0.13% 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 weaker post-US docket
Disappointing figures from the second revision of the US GDP Annualized for the first quarter (-2.9%) plus poor Durable Goods Orders in May hurt the USD on Wednesday and intensified the selling pressure around the pair. “We still look for support in the low 1.07 area to provide a little bit of a toe-hold for the market through the close of the week. If not, 1.0600/50 is likely to be tested. Key resistance is 1.0815/25”, signalled Shaun Osborne, Chief FX Strategist at TD Securities.
USD/CAD levels to watch
The pair is now losing 0.13% 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).