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10 Sep 2014
USD/CAD hovering over 1.1000
FXStreet (Edinburgh) - The greenback keeps its momentum alive on Wednesday, taking the USD/CAD to the boundaries of 1.1000 the figure.
USD/CAD bounces off 1.0960
Spot commenced the day on the right footing, climbing from overnight lows near 1.0960 to levels beyond 1.1010 backed by the ongoing USD strength. There is almost nothing in the data front, with only Canadian Capacity Utilization improving to 82.7% in the second quarter vs. 82.1% previous. “While we remain generally bullish on the outlook for USDCAD, we think short-term risks are geared more towards a drop back to the 1.08 area rather than pushing north of 1.10. Intraday, price action looks soft and we think the high for our session might already be in”, observed Shaun Osborne, Chief FX Strategist at TD Securities.
USD/CAD relevant levels
The pair is now advancing 0.10% at 1.0996 with the next resistance at 1.1053 (high Apr.23) followed by 1.1078 (high Mar.28) and finally 1.1100 (psychological mark). On the downside, a break below 1.0923 (30-d MA) would open the door to 1.0921 (Tenkan Sen) and then 1.0912 (10-d MA).
USD/CAD bounces off 1.0960
Spot commenced the day on the right footing, climbing from overnight lows near 1.0960 to levels beyond 1.1010 backed by the ongoing USD strength. There is almost nothing in the data front, with only Canadian Capacity Utilization improving to 82.7% in the second quarter vs. 82.1% previous. “While we remain generally bullish on the outlook for USDCAD, we think short-term risks are geared more towards a drop back to the 1.08 area rather than pushing north of 1.10. Intraday, price action looks soft and we think the high for our session might already be in”, observed Shaun Osborne, Chief FX Strategist at TD Securities.
USD/CAD relevant levels
The pair is now advancing 0.10% at 1.0996 with the next resistance at 1.1053 (high Apr.23) followed by 1.1078 (high Mar.28) and finally 1.1100 (psychological mark). On the downside, a break below 1.0923 (30-d MA) would open the door to 1.0921 (Tenkan Sen) and then 1.0912 (10-d MA).