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17 Jun 2013
USD/CAD extends the decline around 1.0150
FXstreet.com (Edinburgh) - The Canadian dollar continues to gain ground against its neighbour on Monday, dragging the USD/CAD to fresh intraday lows around 1.0150.
USD/CAD focused on FOMC
“While the dollar does not look to have quite bottomed yet against the majors, it can probably be better bid against the dollar-bloc. Near the pre-weekend low, the US dollar has returned nearly 50% of this year's gains against the Canadian dollar… Technically and on a risk-reward basis, the Canadian dollar looks interesting as a short leg of crosses or against the US dollar outright. The CAD1.0200-40 offers the first band of resistance”, suggested Marc Chandler, Strategist at BBH.
USD/CAD levels to watch
As of writing, the pair is down 0.18% at 1.0155 with the next support at 1.0137 (low Jun.14) ahead of 1.0090 (low May 14) and finally 1.0064 (low May 10). On the flip side, a break above 1.0227 (high Jun.13) would target 1.0233 (MA10d) and then 1.0280 (MA21d).
USD/CAD focused on FOMC
“While the dollar does not look to have quite bottomed yet against the majors, it can probably be better bid against the dollar-bloc. Near the pre-weekend low, the US dollar has returned nearly 50% of this year's gains against the Canadian dollar… Technically and on a risk-reward basis, the Canadian dollar looks interesting as a short leg of crosses or against the US dollar outright. The CAD1.0200-40 offers the first band of resistance”, suggested Marc Chandler, Strategist at BBH.
USD/CAD levels to watch
As of writing, the pair is down 0.18% at 1.0155 with the next support at 1.0137 (low Jun.14) ahead of 1.0090 (low May 14) and finally 1.0064 (low May 10). On the flip side, a break above 1.0227 (high Jun.13) would target 1.0233 (MA10d) and then 1.0280 (MA21d).