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22 May 2014
USD/CAD consolidates above 1.0900
FXStreet (Edinburgh) - The greenback is trading on a firmer footing on Thursday, helping the USD/CAD to consolidate the recent advance beyond the 1.0900 handle.
USD/CAD focus on data
The pair will be under pressure later on, as Canada will publish its Retail Sales figures for the month of March and the US docket is crowded with significant releases: Initial Claims, Markit manufacturing PMI, Existing Home Sales and Chicago Fed index. “We expect a fairly flat outlook for USD/CAD medium-term with a mild downside bias towards 1.08 on a 6 mth view… the low near USD/CAD1.0814 is likely to provide support. Resistance in the 1.0930 area”, noted Jane Foley, Senior Currency Strategist at Rabobank.
USD/CAD significant levels
At the moment the pair is flat at 1.0913 and a surpass of 1.0961 (high May 6) would open the door to 1.1001 (21-w MA) and then 1.1007 (high May 2). On the flip side, the initial support aligns at 1.0851 (low May 18) ahead of 1.0814 (low May 8) and finally 1.0762 (low Jan.8).
USD/CAD focus on data
The pair will be under pressure later on, as Canada will publish its Retail Sales figures for the month of March and the US docket is crowded with significant releases: Initial Claims, Markit manufacturing PMI, Existing Home Sales and Chicago Fed index. “We expect a fairly flat outlook for USD/CAD medium-term with a mild downside bias towards 1.08 on a 6 mth view… the low near USD/CAD1.0814 is likely to provide support. Resistance in the 1.0930 area”, noted Jane Foley, Senior Currency Strategist at Rabobank.
USD/CAD significant levels
At the moment the pair is flat at 1.0913 and a surpass of 1.0961 (high May 6) would open the door to 1.1001 (21-w MA) and then 1.1007 (high May 2). On the flip side, the initial support aligns at 1.0851 (low May 18) ahead of 1.0814 (low May 8) and finally 1.0762 (low Jan.8).