27 Sep 2013
USD/CAD higher on the session – appears to have room to 1.0390 before serious test
FXstreet.com (Barcelona) - The rally in the US Dollar over the last week has lifted the USD/CAD off the recent lows below 1.0200. US data will drive the action in the cross Friday.
USD/CAD setting up for more ups – and there are data points that could drive the move
Traders in USD/CAD will be reacting to US data flow Friday which will include personal income, consumption and spending data, the University of Michigan Consumer Confidence Survey as well as multiple “Fed Head” speeches. There are no data points due out from Canada Friday.
Technical outlook for USD/CAD
Whether this up move in USD/CAD is a correction or a new thrust higher, technicians say the cross has tradable upside in it in the short-term. If it’s just a correction, the rally should have an upside target of 1.0390. If it’s a new thrust higher, the upside target range becomes 1.0434 – 1.0462.
USD/CAD setting up for more ups – and there are data points that could drive the move
Traders in USD/CAD will be reacting to US data flow Friday which will include personal income, consumption and spending data, the University of Michigan Consumer Confidence Survey as well as multiple “Fed Head” speeches. There are no data points due out from Canada Friday.
Technical outlook for USD/CAD
Whether this up move in USD/CAD is a correction or a new thrust higher, technicians say the cross has tradable upside in it in the short-term. If it’s just a correction, the rally should have an upside target of 1.0390. If it’s a new thrust higher, the upside target range becomes 1.0434 – 1.0462.