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5 Jul 2013
USD/CAD rejected from 1.0600
FXstreet.com (Edinburgh) - The USD rally couldn’t sustain the ascent beyond 1.0600 the figure on Friday, dragging the USD/CAD to the current region of 1.0580.
USD/CAD in multi-year highs
The pair visited the area above 1.0600 for the first time since early October 2011, extending the steep correction higher since the boundaries of 1.0100 in early May. In the data front, Canadian jobless rate stayed put at 7.1% in June while the Ivey PMI unexpectedly fell to 55.3 from 63.1 in the same period. “On the charts, USD/CAD continues to trade sideways in the consolidation range of the past two weeks. The pair has bumped up against the upper bound resistance near 1.0550/60 several times—and even briefly poked above it earlier this week—but a lack of follow through leaves the neutral trend intact for now”, suggested S.Osborne and G.Moore at TD Securities.
USD/CAD relevant levels
The pair is now up 0.56% at 1.0574 with the next resistance at he psychological level at 1.0600 followed by 1.0658 (2011 high Oct.4) and then 1.0675 (Jun, Jul, Sep 2010 high). On the flip side, a breakdown of 1.0565 (high Jul.3) would open the door to 1.0472 (low Jul.4) and finally 1.0454 (low Jun.28).
USD/CAD in multi-year highs
The pair visited the area above 1.0600 for the first time since early October 2011, extending the steep correction higher since the boundaries of 1.0100 in early May. In the data front, Canadian jobless rate stayed put at 7.1% in June while the Ivey PMI unexpectedly fell to 55.3 from 63.1 in the same period. “On the charts, USD/CAD continues to trade sideways in the consolidation range of the past two weeks. The pair has bumped up against the upper bound resistance near 1.0550/60 several times—and even briefly poked above it earlier this week—but a lack of follow through leaves the neutral trend intact for now”, suggested S.Osborne and G.Moore at TD Securities.
USD/CAD relevant levels
The pair is now up 0.56% at 1.0574 with the next resistance at he psychological level at 1.0600 followed by 1.0658 (2011 high Oct.4) and then 1.0675 (Jun, Jul, Sep 2010 high). On the flip side, a breakdown of 1.0565 (high Jul.3) would open the door to 1.0472 (low Jul.4) and finally 1.0454 (low Jun.28).