1 Dec 2014
USD/CAD testing 1.1400
FXStreet (Edinburgh) - The greenback is losing the grip vs., its Canadian counterpart on Monday, dragging USD/CAD to a visit of the 1.1400 key handle.
USD/CAD attention to the US data
After reaching the boundaries of 1.1460 overnight, spot has been deflating to the current area just above 1.1400 the figure against a backdrop of generalized USD weakness. Ahead in the session, US ISM Manufacturing and the manufacturing PMI tracked by market will be the highlights in the US economy, followed by the speech by Fed’s W.Dudley. According to Camilla Sutton, Chief FX Strategist at Scotiabank, “the violence in the last two sessions highlights upside momentum and is likely to push technical studies into buy territory; however for now these studies are only flirting with such a change. We are biased to be long USDCAD looking for a test up to 1.1467”.
USD/CAD relevant levels
As of writing the pair is now losing 0.28% at 1.1406 with the next support at 1.1325 (low Nov.28) followed by 1.1300 (psychological level) and then 1.1280 (Tenkan Sen). On the upside, a breakout of 1.1459 (high Dec.1) would open the door to 1.1466 (2014 high Nov.5) and then 1.1500 (psychological level).
USD/CAD attention to the US data
After reaching the boundaries of 1.1460 overnight, spot has been deflating to the current area just above 1.1400 the figure against a backdrop of generalized USD weakness. Ahead in the session, US ISM Manufacturing and the manufacturing PMI tracked by market will be the highlights in the US economy, followed by the speech by Fed’s W.Dudley. According to Camilla Sutton, Chief FX Strategist at Scotiabank, “the violence in the last two sessions highlights upside momentum and is likely to push technical studies into buy territory; however for now these studies are only flirting with such a change. We are biased to be long USDCAD looking for a test up to 1.1467”.
USD/CAD relevant levels
As of writing the pair is now losing 0.28% at 1.1406 with the next support at 1.1325 (low Nov.28) followed by 1.1300 (psychological level) and then 1.1280 (Tenkan Sen). On the upside, a breakout of 1.1459 (high Dec.1) would open the door to 1.1466 (2014 high Nov.5) and then 1.1500 (psychological level).