26 Jul 2013
USD/CAD testing high above 1.0280
FXstreet.com (Edinburgh) -The greenback is now picking up pace and lifting the USD/CAD to climb to session highs in the proximities of 1.0290 after hitting lows near 1.0260.
USD/CAD eyes on the US data
Market participants will closely follow the release of the consumer sentiment index sponsored by Reuters/Michigan in the US economy, looking for further USD strength after the recent sell off. G.Moore and S.Osborne, FX Strategists at TD Securities, commented, “USD/CAD retains a softer undertone but the descent is slowing in the short-term and the 1.0250/80 support zone on the charts continues to act as something of a rough anchor for the market at the moment. Back above 1.03 would be a minor USD-positive”.
USD/CAD levels to watch
The pair is advancing 0.06% at 1.0286 as of writing, with the immediate up-barrier at 1.0319 (high Jul.25) ahead of 1.0325 (high Jul.24) and then 1.0349 (high Jul.23). On the downside, a violation of 1.0248 (76.4% of 1.01337-1.0609) would expose 1.0218 (daily cloud base) and finally 1.0170 (low Jun.19).
USD/CAD eyes on the US data
Market participants will closely follow the release of the consumer sentiment index sponsored by Reuters/Michigan in the US economy, looking for further USD strength after the recent sell off. G.Moore and S.Osborne, FX Strategists at TD Securities, commented, “USD/CAD retains a softer undertone but the descent is slowing in the short-term and the 1.0250/80 support zone on the charts continues to act as something of a rough anchor for the market at the moment. Back above 1.03 would be a minor USD-positive”.
USD/CAD levels to watch
The pair is advancing 0.06% at 1.0286 as of writing, with the immediate up-barrier at 1.0319 (high Jul.25) ahead of 1.0325 (high Jul.24) and then 1.0349 (high Jul.23). On the downside, a violation of 1.0248 (76.4% of 1.01337-1.0609) would expose 1.0218 (daily cloud base) and finally 1.0170 (low Jun.19).