6 May 2014
USD/CAD keeps… falling
FXStreet (Edinburgh) - The greenback continues to give ground vs. its northern neighbour on Tuesday, dragging the USD/CAD to multi-week lows around 1.0880.
USD/CAD in 4-week lows
It seems spot would likely challenge April lows in the mid-1.0800s should the offered tone in the USD intensifies. At the same time, upbeat Canadian data from the Ivey PMI in April gave extra legs to the CAD, accelerating the pair’s decline. “with a firm base in place at 1.0860, from a technical point of view, we rather think that risk/reward considerations favor USDCAD longs from current—or very near—levels”, noted Shaun Osborne, Chief FX Strategist at TD Securities.
USD/CAD key levels
As of writing the pair is down 0.63% at 1.0886 with the next support at 1.0858 (low Apr.9) ahead of 1.0800 (psychological level). On the flip side, a breakout of 1.0961 (high May 6) would open the door to 1.1007 (high May 2) and finally 1.1014 (low Apr.25).
USD/CAD in 4-week lows
It seems spot would likely challenge April lows in the mid-1.0800s should the offered tone in the USD intensifies. At the same time, upbeat Canadian data from the Ivey PMI in April gave extra legs to the CAD, accelerating the pair’s decline. “with a firm base in place at 1.0860, from a technical point of view, we rather think that risk/reward considerations favor USDCAD longs from current—or very near—levels”, noted Shaun Osborne, Chief FX Strategist at TD Securities.
USD/CAD key levels
As of writing the pair is down 0.63% at 1.0886 with the next support at 1.0858 (low Apr.9) ahead of 1.0800 (psychological level). On the flip side, a breakout of 1.0961 (high May 6) would open the door to 1.1007 (high May 2) and finally 1.1014 (low Apr.25).