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26 Feb 2014
USD/CAD up! up! up!
FXStreet (Edinburgh) - The USD/CAD keeps pushing higher at the end of the US session on Wednesday, posting weekly highs beyond 1.1140.
USD/CAD reverting Monday’s drop
After dipping to the area of 1.1055/50 on Monday, spot sparked a bull run to the vicinity of 1.1150 backed by the bullish sentiment surrounding the US dollar. Ahead in the week, the biggest event in Canada will be December’s GDP figures (0.2% prev.) although the pair would be mostly dependent on the more relevant US releases. According to Camilla Sutton, Chief FX Strategist at Scotiabank, the short-term technicals are mixed, “with all momentum fading and spot trading comfortably within its recent range.Our base fundamental case is the USDCAD is vulnerable to near term upside pressure; however technicals are not supporting this outlook. Support lies at the recent low of 1.0911 and resistance at the recent high of 1.1224”.
USD/CAD levels to watch
At the time of writing the pair is advancing 0.49% at 1.1140 with the next resistance at 1.1196 (high Jan.21) followed by 1.1224 (2014 high Jan.31). On the downside, a break below 1.1055 (low Feb.25) would open the door to 1.1050 (low Feb.24) and finally 1.1038 (10-d MA).
USD/CAD reverting Monday’s drop
After dipping to the area of 1.1055/50 on Monday, spot sparked a bull run to the vicinity of 1.1150 backed by the bullish sentiment surrounding the US dollar. Ahead in the week, the biggest event in Canada will be December’s GDP figures (0.2% prev.) although the pair would be mostly dependent on the more relevant US releases. According to Camilla Sutton, Chief FX Strategist at Scotiabank, the short-term technicals are mixed, “with all momentum fading and spot trading comfortably within its recent range.Our base fundamental case is the USDCAD is vulnerable to near term upside pressure; however technicals are not supporting this outlook. Support lies at the recent low of 1.0911 and resistance at the recent high of 1.1224”.
USD/CAD levels to watch
At the time of writing the pair is advancing 0.49% at 1.1140 with the next resistance at 1.1196 (high Jan.21) followed by 1.1224 (2014 high Jan.31). On the downside, a break below 1.1055 (low Feb.25) would open the door to 1.1050 (low Feb.24) and finally 1.1038 (10-d MA).