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28 Nov 2013
USD/CAD back to 1.0580
FXstreet.com (Edinburgh) -The 1.0600 mark still remains elusive for the USD/CAD, with the pair now fading the earlier bull attempt and returning to the 1.0580/85 area.
USD/CAD pips away from 2013 highs
The pair is prolonging its rebound from October’s troughs below 1.0300 the figure, advancing in 4 out of the last 6 weeks and faltering in levels just shy of the ytd tops at 1.0609 (July 5th). Strategists G.Moore and S.Osborne at TD Securities observed, “Trend momentum remains bullishly oriented on the short-term charts but the strength of the rally has faded modestly this week… We still rather think that the USD will appreciate so we look for limited weakness near-term (expect strong support at 1.0525) ahead of a push to new cycle highs”.
USD/CAD significant levels
At the moment the pair is down 0.12% at 1.0582 with the next support at 1.0571 (low Nov.28) ahead of 1.0531 (low Nov.27) and then 1.0520 (low Nov.25). On the upside, a break above 1.0603 (high Nov.27) would open the door to 1.0609 (2013 highs Jul.5) and finally 1.0658 (2011 high Oct.4).
USD/CAD pips away from 2013 highs
The pair is prolonging its rebound from October’s troughs below 1.0300 the figure, advancing in 4 out of the last 6 weeks and faltering in levels just shy of the ytd tops at 1.0609 (July 5th). Strategists G.Moore and S.Osborne at TD Securities observed, “Trend momentum remains bullishly oriented on the short-term charts but the strength of the rally has faded modestly this week… We still rather think that the USD will appreciate so we look for limited weakness near-term (expect strong support at 1.0525) ahead of a push to new cycle highs”.
USD/CAD significant levels
At the moment the pair is down 0.12% at 1.0582 with the next support at 1.0571 (low Nov.28) ahead of 1.0531 (low Nov.27) and then 1.0520 (low Nov.25). On the upside, a break above 1.0603 (high Nov.27) would open the door to 1.0609 (2013 highs Jul.5) and finally 1.0658 (2011 high Oct.4).