10 Jun 2013
USD/CAD flirting with 1.0200
FXstreet.com (Barcelona) - The Canadian dollar is appreciating against its fellow neighbour on Monday, hovering over the key limestone at 1.0200 ahead of housing data in Canada.
Market consensus expects the Canadian Housing Starts to increase at an annual rate of 178.1K during May, leaving behind the previous 174.9K. “CAD has retained strength after the stellar jobs report, but I am not convinced that we will see that strength maintained over the week, and would still think that the 1.0150 area is a buy zone, especially if the other commodity currencies remain under pressure, from the China slowdown story”, noted Stephen Gallo, Strategist at BMO.
USD/CAD is losing 0.21% at 1.0197 with the immediate support at 1.0169 (61.8% of 1.0014-1.04210) followed by 1.0166 (low Jun.7) and then 1.0149 (low May 16). On the upside, a break above 1.0275 (MA21d) would clear the way to 1.0288 (high Jun.7) and finally 1.0303 (MA10d).
Market consensus expects the Canadian Housing Starts to increase at an annual rate of 178.1K during May, leaving behind the previous 174.9K. “CAD has retained strength after the stellar jobs report, but I am not convinced that we will see that strength maintained over the week, and would still think that the 1.0150 area is a buy zone, especially if the other commodity currencies remain under pressure, from the China slowdown story”, noted Stephen Gallo, Strategist at BMO.
USD/CAD is losing 0.21% at 1.0197 with the immediate support at 1.0169 (61.8% of 1.0014-1.04210) followed by 1.0166 (low Jun.7) and then 1.0149 (low May 16). On the upside, a break above 1.0275 (MA21d) would clear the way to 1.0288 (high Jun.7) and finally 1.0303 (MA10d).