18 Jul 2014
USD/CAD choppy near 1.0750
FXStreet (Edinburgh) - The greenback is losing the grip vs. its neighbour on Friday, taking the USD/CAD to the area of the mid-1.700s so far.
USD/CAD focus on data
Canadian consumer prices will be in the limelight later on, with consensus expecting the CPI to have increased at an annual pace of 2.3%. in the US, Consumer Sentiment gauged by the Reuters/Michigan index is expected at 83.0 for the month of July vs. 82.5 previous. “If the CPI data disappoint as we expect, the USD may take a run at resistance in the low 1.08 area and a move above here should trigger more gains in the days and weeks ahead”, observed Shaun Osborne, Chief FX Strategist at TD Securities.
USD/CAD levels to consider
At the moment the pair is down 0.11% at 1.0750 with the immediate support at 1.0710 (low Jul.14) followed by 1.0630 (low Jul.11) and then 1.0620 (low Jul.3). On the flip side, a breakout of 1.0795 (high Jul.16) would expose 1.0814 (low (May 8) and finally 1.0817 (200-d MA).
USD/CAD focus on data
Canadian consumer prices will be in the limelight later on, with consensus expecting the CPI to have increased at an annual pace of 2.3%. in the US, Consumer Sentiment gauged by the Reuters/Michigan index is expected at 83.0 for the month of July vs. 82.5 previous. “If the CPI data disappoint as we expect, the USD may take a run at resistance in the low 1.08 area and a move above here should trigger more gains in the days and weeks ahead”, observed Shaun Osborne, Chief FX Strategist at TD Securities.
USD/CAD levels to consider
At the moment the pair is down 0.11% at 1.0750 with the immediate support at 1.0710 (low Jul.14) followed by 1.0630 (low Jul.11) and then 1.0620 (low Jul.3). On the flip side, a breakout of 1.0795 (high Jul.16) would expose 1.0814 (low (May 8) and finally 1.0817 (200-d MA).