15 Jul 2013
USD/CAD consolidates above 1.0400
FXstreet.com (Edinburgh) -The USD/CAD managed to recover the ground lost after the US retail sales disappointed investors in June, climbing from the boundaries of 1.0400 to the current area of 1.0420/25.
USD/CAD swings with Fed’s taper
The US docket is crowded with key releases ahead in the week, and thus leaving the pair to the mercy of the omnipresent Fed’s ‘tapering’ chatter. In the opinion of G.Moore and S.Osborne, FX Strategists at TD Securities, “The broader trend is up and we remain broadly bullish on the outlook for USD/CAD. But it is not—yet—clear that the corrective potential (from 1.06) has fully-played out”.
USD/CAD key levels
The pair is now advancing 0.36% at 1.0423 facing the next resistance at 1.0449 (high Jul.11) ahead of 1.0467 (Tenkan Line) and finally 1.0495 (hourly low Jul.10). On the flip side, a breach of 1.0373 (Tenkan line) would bring 1.0326 (low Jul.11) and then 1.0317 (61.8% of 1.0137-1.0609).
USD/CAD swings with Fed’s taper
The US docket is crowded with key releases ahead in the week, and thus leaving the pair to the mercy of the omnipresent Fed’s ‘tapering’ chatter. In the opinion of G.Moore and S.Osborne, FX Strategists at TD Securities, “The broader trend is up and we remain broadly bullish on the outlook for USD/CAD. But it is not—yet—clear that the corrective potential (from 1.06) has fully-played out”.
USD/CAD key levels
The pair is now advancing 0.36% at 1.0423 facing the next resistance at 1.0449 (high Jul.11) ahead of 1.0467 (Tenkan Line) and finally 1.0495 (hourly low Jul.10). On the flip side, a breach of 1.0373 (Tenkan line) would bring 1.0326 (low Jul.11) and then 1.0317 (61.8% of 1.0137-1.0609).