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17 Jul 2013
USD/CAD around 1.0400 ahead of Bernanke, BoC
FXstreet.com (Barcelona) -The USD/CAD is flirting with 1.0400 the figure on Wednesday ahead of Bernanke’s testimony and the BoC monetary policy meeting.
USD/CAD dips holding around 1.0380
Weekly pullbacks in the pair have found strong support in the area of 1.0385/80 so far, although the pair could come under pressure as Bernanke’s speech could hurt the sentiment surrounding the greenback again. Market consensus expect the central bank commanded by Poloz to leave the refi rate intact at 1.0%, and Strategist Alvin Pontoh at TD Securities added “the Bank is likely to repeat its forward looking language noting that the current level of the overnight rate remains appropriate but that a modest amount of stimulus withdrawal will eventually be needed”.
USD/CAD key levels
As of writing the pair is up 0.19% at 1.0390 facing the next hurdle at 1.0459 (MA21d) ahead of 1.0467 (Tenkan line) and finally 1.0540 (high Jul.10). On the flip side, a breach of 1.0373 (Kijun line) would target 1.0326 (low Jul.11) en route to 1.0317 (61.8% of 1.0137-1.0609).
USD/CAD dips holding around 1.0380
Weekly pullbacks in the pair have found strong support in the area of 1.0385/80 so far, although the pair could come under pressure as Bernanke’s speech could hurt the sentiment surrounding the greenback again. Market consensus expect the central bank commanded by Poloz to leave the refi rate intact at 1.0%, and Strategist Alvin Pontoh at TD Securities added “the Bank is likely to repeat its forward looking language noting that the current level of the overnight rate remains appropriate but that a modest amount of stimulus withdrawal will eventually be needed”.
USD/CAD key levels
As of writing the pair is up 0.19% at 1.0390 facing the next hurdle at 1.0459 (MA21d) ahead of 1.0467 (Tenkan line) and finally 1.0540 (high Jul.10). On the flip side, a breach of 1.0373 (Kijun line) would target 1.0326 (low Jul.11) en route to 1.0317 (61.8% of 1.0137-1.0609).