8 Jul 2013
USD/CAD trading near lows
FXstreet.com (New York) - The USD/CAD foreign exchange rate has now fallen to retest session lows Monday, having been faced with a bout of negativity during US trading.
In Canada, Building Permits (MoM) came in at +4.5% in May, beating expectations of -6.2%, and 11.2% previously.
USD/CAD trading near lows
Presently, the USD/CAD technical pair is now trading at just 1.0553, incurring a loss of -0.31%, still off its lows at 1.0544 in these moments. The Danske Research Team has identified the next supports at 1.0505, then 1.0454, and finally 1.0421.
USD/CAD 1.10/11 reachable by years-end
According to the TD Securities Team, “We think 1.10/1.11 is reachable in the next 6 months or so and while the broader trend here remains constructive, the risk of a sizeable correction remains. The market is pressing up against the top of the bull trend channel in place since the start of the year and is clearly struggling to accelerate further at the moment. Key support is 1.0421 now – correction pressure will build below here.”
In Canada, Building Permits (MoM) came in at +4.5% in May, beating expectations of -6.2%, and 11.2% previously.
USD/CAD trading near lows
Presently, the USD/CAD technical pair is now trading at just 1.0553, incurring a loss of -0.31%, still off its lows at 1.0544 in these moments. The Danske Research Team has identified the next supports at 1.0505, then 1.0454, and finally 1.0421.
USD/CAD 1.10/11 reachable by years-end
According to the TD Securities Team, “We think 1.10/1.11 is reachable in the next 6 months or so and while the broader trend here remains constructive, the risk of a sizeable correction remains. The market is pressing up against the top of the bull trend channel in place since the start of the year and is clearly struggling to accelerate further at the moment. Key support is 1.0421 now – correction pressure will build below here.”