Back
9 Sep 2013
USD/CAD downside stalled around 1.0370
FXstreet.com (Edinburgh) -A weaker USD in combination with solid data from the Canadian housing sector is pushing the USD/CAD to the area of 1.0370/65, falling for the second consecutive week.
USD/CAD in 3-week lows
Canadian Building Permits were way above expectations during July, expanding at a monthly pace of 20.7%. That, plus the increasing risk appetite are plotting to drag the pair to test fresh 3-week lows below 1.0370. G.Moore and S.Osborne, FX Strategists at TD Securities, “We still think the longer-term trend in USD/CAD is higher but the recent weakness—essentially a result of the market failing to push on through the 1.06 area—might mean that the lower end of the bull range (1.0250 area) might see a retest in the next few weeks”.
USD/CAD critical levels
The pair is now losing 0.52% at 1.0368 and a break below 1.0342 (low Aug.20) would open the door to 1.0292 (low Aug.16) and then 1.0275 (low Aug.9). On the flip side, the initial barrier lines up at 1.0422 (Kijun line) followed by 1.0434 (high Sep.9) and then 1.0472 (low Aug.27).
USD/CAD in 3-week lows
Canadian Building Permits were way above expectations during July, expanding at a monthly pace of 20.7%. That, plus the increasing risk appetite are plotting to drag the pair to test fresh 3-week lows below 1.0370. G.Moore and S.Osborne, FX Strategists at TD Securities, “We still think the longer-term trend in USD/CAD is higher but the recent weakness—essentially a result of the market failing to push on through the 1.06 area—might mean that the lower end of the bull range (1.0250 area) might see a retest in the next few weeks”.
USD/CAD critical levels
The pair is now losing 0.52% at 1.0368 and a break below 1.0342 (low Aug.20) would open the door to 1.0292 (low Aug.16) and then 1.0275 (low Aug.9). On the flip side, the initial barrier lines up at 1.0422 (Kijun line) followed by 1.0434 (high Sep.9) and then 1.0472 (low Aug.27).