26 Jun 2014
USD/CAD supported at 1.0700
FXStreet (Edinburgh) - The greenback is now picking up pace vs. the Canadian dollar, pushing the USD/CAD to the boundaries of 1.0720.
USD/CAD eyes on US calendar
Almost non-existent docket in Canada this week will leave all the attention to the data releases in the US economy, with PCE and Initial Claims due later. In the opinion of Shaun Osborne, Chief FX Strategist at TD Securities, “Loss of support in the 1.07 area through the close of the week will open up the downside a little more at least for a push to the 1.0600/50 range”.
USD/CAD levels to watch
The pair is now losing 0.04% at 1.0716 with the initial support at 1.0654 (low Jan.7) followed by 1.0601 (61.8% of 1.0182-1.1279) and then 1.0589 (2014 low Jan.2). On the upside, a surpass of 1.0762 (high Jun.23) would aim for 1.0898 (high Jun.18) and finally 1.0902 (daily cloud base).
USD/CAD eyes on US calendar
Almost non-existent docket in Canada this week will leave all the attention to the data releases in the US economy, with PCE and Initial Claims due later. In the opinion of Shaun Osborne, Chief FX Strategist at TD Securities, “Loss of support in the 1.07 area through the close of the week will open up the downside a little more at least for a push to the 1.0600/50 range”.
USD/CAD levels to watch
The pair is now losing 0.04% at 1.0716 with the initial support at 1.0654 (low Jan.7) followed by 1.0601 (61.8% of 1.0182-1.1279) and then 1.0589 (2014 low Jan.2). On the upside, a surpass of 1.0762 (high Jun.23) would aim for 1.0898 (high Jun.18) and finally 1.0902 (daily cloud base).