24 Jul 2014
USD/CAD bounces off 1.0720
FXStreet (Edinburgh) - The USD/CAD trades in a very narrow range on Thursday, hovering over 1.0731 after bottoming out in the area below 1.0720.
USD/CAD focus on US data
The pair is extending its rebound from session troughs after US Initial claims came in lower than estimates, decreasing to 284K in the week ending on July 18th, the lowest level in more than eight years. Ahead in the day, the manufacturing PMI gauged by Markit (57.5 exp.) and New Home Sales (479K MoM exp.) are also due. In the opinion of Camilla Sutton, Chief FX Strategist at Scotiabank, “all signals warn of upside risk but spot is trading in a tight 1.0709 to 1.0794 range and appears to have stabilized”.
USD/CAD levels to watch
As of writing the pair is up 0.04% at 1.0732 facing the next resistance at 1.0759 (Kijun Sen) ahead of 1.0795 (high Jul.16) and then 1.0814 (low May 8). On the other hand, a breakdown of 1.0713 (Tenkan) would aim for 1.0708 (low Jul.18) and finally 1.0694 (high Jul.8).
USD/CAD focus on US data
The pair is extending its rebound from session troughs after US Initial claims came in lower than estimates, decreasing to 284K in the week ending on July 18th, the lowest level in more than eight years. Ahead in the day, the manufacturing PMI gauged by Markit (57.5 exp.) and New Home Sales (479K MoM exp.) are also due. In the opinion of Camilla Sutton, Chief FX Strategist at Scotiabank, “all signals warn of upside risk but spot is trading in a tight 1.0709 to 1.0794 range and appears to have stabilized”.
USD/CAD levels to watch
As of writing the pair is up 0.04% at 1.0732 facing the next resistance at 1.0759 (Kijun Sen) ahead of 1.0795 (high Jul.16) and then 1.0814 (low May 8). On the other hand, a breakdown of 1.0713 (Tenkan) would aim for 1.0708 (low Jul.18) and finally 1.0694 (high Jul.8).