21 Aug 2013
http://www.fxstreet.com/news/forex-news/article.aspx?storyid=6ab56bb5-db9f-4bb8-b990-816212fab04d
FXstreet.com (Edinburgh) -The USD/CAD is edging higher on Wednesday, hovering over 1.0450 ahead of the FOMC minutes due later.
USD/CAD extending its rally
The pair is advancing for the third consecutive session so far despite the generalized risk-on tone in the markets, climbing from Monday’s lows around 1.0310. “The market reaction to the 1.0445/50 area in the next day or two will determine whether the move up extends or not… A clear push through 1.0450 would underpin the impression of an important low having formed earlier this month in the upper 1.02 area and pave the way for a quick return to 1.0600/50”, suggested Strategists G.Moore and S.Osborne at TD Securities.
USD/CAD critical levels
The pair is now advancing 0.53% at 1.0449 with the next resistance at 1.0500 (psychological level) ahead of 1.0540 (high Jul.10) and finally 1.0574 (high Jul.9). On the flip side, a breakdown of 1.0393 (low Aug.21) would expose 1.0342 (low Aug.20) and then 1.0292 (low Aug.16).
USD/CAD extending its rally
The pair is advancing for the third consecutive session so far despite the generalized risk-on tone in the markets, climbing from Monday’s lows around 1.0310. “The market reaction to the 1.0445/50 area in the next day or two will determine whether the move up extends or not… A clear push through 1.0450 would underpin the impression of an important low having formed earlier this month in the upper 1.02 area and pave the way for a quick return to 1.0600/50”, suggested Strategists G.Moore and S.Osborne at TD Securities.
USD/CAD critical levels
The pair is now advancing 0.53% at 1.0449 with the next resistance at 1.0500 (psychological level) ahead of 1.0540 (high Jul.10) and finally 1.0574 (high Jul.9). On the flip side, a breakdown of 1.0393 (low Aug.21) would expose 1.0342 (low Aug.20) and then 1.0292 (low Aug.16).