4 Jul 2013
USD/CAD testing highs around 1.0530
FXstreet.com (Barcelona) - The USD is pushing higher on Wednesday, lifting the USD/CAD to the vicinity of 1.0530 and posting fresh intraday highs at the same time.
USD/CAD subdued by US inactivity
After hitting peaks around 1.0580 on Tuesday, the pair started a retracement alongside some profit-taking in the greenback, dragging the pair to the boundaries of 1.0500 the figure, just to rebound later to the current 1.0530 area. “ USD/CAD tried to break higher again yesterday but was unable to sustain a move above 1.0550. Here again my main short term concern is that the resting bids seem to have come to market and the order board looks a little weak on the downside now, I wouldn’t dismiss a move lower to find stops in a U.S holiday market. The real confirmation of an extension to the topside remains a close above 1.0570”, suggested Strategist Stephen Gallo at BMO.
USD/CAD levels to consider
As of writing, the pair is UP 0.23% at 1.0530 with the next hurdle at 1.0565 (high Jul.3) followed by 1.0578 (high Jul.2) and then 1.0600 (psychological level). On the downside, a violation of 1.0496 (low Jul.2) would open the door to 1.0487 (low Jul.1) and finally 1.0465 (MA10d).
USD/CAD subdued by US inactivity
After hitting peaks around 1.0580 on Tuesday, the pair started a retracement alongside some profit-taking in the greenback, dragging the pair to the boundaries of 1.0500 the figure, just to rebound later to the current 1.0530 area. “ USD/CAD tried to break higher again yesterday but was unable to sustain a move above 1.0550. Here again my main short term concern is that the resting bids seem to have come to market and the order board looks a little weak on the downside now, I wouldn’t dismiss a move lower to find stops in a U.S holiday market. The real confirmation of an extension to the topside remains a close above 1.0570”, suggested Strategist Stephen Gallo at BMO.
USD/CAD levels to consider
As of writing, the pair is UP 0.23% at 1.0530 with the next hurdle at 1.0565 (high Jul.3) followed by 1.0578 (high Jul.2) and then 1.0600 (psychological level). On the downside, a violation of 1.0496 (low Jul.2) would open the door to 1.0487 (low Jul.1) and finally 1.0465 (MA10d).