4 Dec 2013
USD/CAD leaves rates unchanged
FXstreet.com (London) - USD/CAD has been at the highest levels since Oct 2011 and these levels have been underpinned by the BoC but Us data has disappointed.
BoC is expected to deliver a Dovish bias and preserve the same tone as introduced in their last meeting. Meanwhile, ISM non-manufacturing did not extend its recent strong performance in Nov, coming in lower at 53.9 vs the 55.0 consensus. Oct new home sales to come in at 444K vs 432 consensus . Strategists at TD Securities sight further US data ahead and said, “Finally, we look for the Beige Book report to more closely reflect the Fed’s recent “glass half full tone””.
USD/CAD Levels
The 20 DMA is 1.0512, the 50 DMA is 1.0424 and the 200 DMA is 1.0331. RSI (14) reads 54.69. Supports are ascending from 1.0516, 1.0559, 1.0590 and 1.0631. Spot is 1.0687 with resistances at 1.0673, 1.0721, 1.0745 and 1.0781.
BoC is expected to deliver a Dovish bias and preserve the same tone as introduced in their last meeting. Meanwhile, ISM non-manufacturing did not extend its recent strong performance in Nov, coming in lower at 53.9 vs the 55.0 consensus. Oct new home sales to come in at 444K vs 432 consensus . Strategists at TD Securities sight further US data ahead and said, “Finally, we look for the Beige Book report to more closely reflect the Fed’s recent “glass half full tone””.
USD/CAD Levels
The 20 DMA is 1.0512, the 50 DMA is 1.0424 and the 200 DMA is 1.0331. RSI (14) reads 54.69. Supports are ascending from 1.0516, 1.0559, 1.0590 and 1.0631. Spot is 1.0687 with resistances at 1.0673, 1.0721, 1.0745 and 1.0781.