28 Jun 2013
USD/CAD around 1.0480 ahead of GDP
Fxstreet.com (Edinburgh) - The Canadian dollar is losing some ground against the greenback on Friday, with the USD/CAD meandering around 1.0480 ahead of the GDP figures in Canada.
USD/CAD posed for further upside
According to previous surveys, the Canadian economic activity grew 0.1% during April, below March expansion of 0.2%. in the opinion of G.Moore and S.Osborne, FX Strategists at TD Securities, “On the charts, USD/CAD is itching to trade higher. This week’s consolidation still leaves the market poised to move up, possibly significantly so, if it can clear resistance in the 1.0500 area intraday. Key short-term support remains 1.0420”.
USD/CAD key levels
As of writing the pair is up 0.10% at 1.0486 with then next resistance at 1.0505 (high Junb.27) ahead of 1.0528 (high Jun.26) and finally 1.0548 (high Jun.25). On the downside, a violation of 1.0423 (low Jun.27) would expose 1.0395 (38.2% of 1.0137-1.0556) and then 1.0364 (low Jun.24).
USD/CAD posed for further upside
According to previous surveys, the Canadian economic activity grew 0.1% during April, below March expansion of 0.2%. in the opinion of G.Moore and S.Osborne, FX Strategists at TD Securities, “On the charts, USD/CAD is itching to trade higher. This week’s consolidation still leaves the market poised to move up, possibly significantly so, if it can clear resistance in the 1.0500 area intraday. Key short-term support remains 1.0420”.
USD/CAD key levels
As of writing the pair is up 0.10% at 1.0486 with then next resistance at 1.0505 (high Junb.27) ahead of 1.0528 (high Jun.26) and finally 1.0548 (high Jun.25). On the downside, a violation of 1.0423 (low Jun.27) would expose 1.0395 (38.2% of 1.0137-1.0556) and then 1.0364 (low Jun.24).