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13 Aug 2013
USD/CAD edges higher, 1.0350 looms
FXstreet.com (Edinburgh) -The bullish momentum around the greenback is lifting the USD/CAD to the vicinity of last Friday’s highs just beyond 1.0350 and posting weekly tops at the same time.
USD/CAD boosted by US data
Softer than expected import prices plus an overall positive result from the US retailers are propping up today’s upside, climbing from overnight lows near 1.0300 the figure. G.Moore and S.Osborne, FX Strategists at TD Securities suggested, “From a broader perspective, the daily and weekly charts show signs of fading momentum in the move higher, but we still see the more neutral price action of late July/early August as a consolidative phase that should lead a move to higher levels”.
USD/CAD key levels
The pair is now advancing 0.38% at 1.0348 and a break above 1.0355 (MA200h) would target 1.0430 (high Aug.8) and then 1.0449 (high Jul.11). On the downside, support levels line up at 1.0281 (MA100d) ahead of 1.0275 (low Aug.9) and finally 1.0245 (low Jul.31).
USD/CAD boosted by US data
Softer than expected import prices plus an overall positive result from the US retailers are propping up today’s upside, climbing from overnight lows near 1.0300 the figure. G.Moore and S.Osborne, FX Strategists at TD Securities suggested, “From a broader perspective, the daily and weekly charts show signs of fading momentum in the move higher, but we still see the more neutral price action of late July/early August as a consolidative phase that should lead a move to higher levels”.
USD/CAD key levels
The pair is now advancing 0.38% at 1.0348 and a break above 1.0355 (MA200h) would target 1.0430 (high Aug.8) and then 1.0449 (high Jul.11). On the downside, support levels line up at 1.0281 (MA100d) ahead of 1.0275 (low Aug.9) and finally 1.0245 (low Jul.31).