19 Jul 2013
USD/CAD testing session lows around 1.0360
FXstreet.com (Edinburgh) - The USD/CAD is intensifying its decline on Friday, printing fresh weekly lows below 1.0360 as the greenback continues to trade on the back foot.
USD/CAD hit by data, risk appetite
Consumer prices in the Canadian economy have ticked higher during June, with both the headline CPI and the Core reading advancing at annual rates of 1.3% and 1.2%, respectively. Collaborating in the downside, the prevailing risk-on trade supported the CAD. According to G.Moore and S.Osborne, FX Strategists at TD Securities, “Above 1.0420/25 would be constructive. Above 1.0615 triggers a new bull run. The USD will soften more below 1.0320/40, turn bearish below 1.0130”.
USD/CAD levels to watch
The pair is now losing 0.18% at 1.0358 with the immediate support at 1.0355 (low Jul.17) ahead of 1.0326 (low Jul.11). On the upside, a breakout of 1.0445 (high Jul.17) would allow 1.0449 (high Jul.11) and then 1.0450 (Tenkan line).
USD/CAD hit by data, risk appetite
Consumer prices in the Canadian economy have ticked higher during June, with both the headline CPI and the Core reading advancing at annual rates of 1.3% and 1.2%, respectively. Collaborating in the downside, the prevailing risk-on trade supported the CAD. According to G.Moore and S.Osborne, FX Strategists at TD Securities, “Above 1.0420/25 would be constructive. Above 1.0615 triggers a new bull run. The USD will soften more below 1.0320/40, turn bearish below 1.0130”.
USD/CAD levels to watch
The pair is now losing 0.18% at 1.0358 with the immediate support at 1.0355 (low Jul.17) ahead of 1.0326 (low Jul.11). On the upside, a breakout of 1.0445 (high Jul.17) would allow 1.0449 (high Jul.11) and then 1.0450 (Tenkan line).