5 Sep 2013
USD/CAD back around 1.0500
FXstreet.com (Edinburgh) -The bullish momentum in the pair is losing vigour on Thursday, with the USD/CAD retracing ground from peaks near 1.0520.
USD/CAD boosted by US data
Solid data from the US labour market plus an ISM Non Manufacturing above expectations were enough to offset the contraction from Factory Orders in the US economy, propelling the pair to fresh session highs above 1.0500. “There is evident support for the USD on dips through the upper 1.04 area still and the push back above key, short-term resistance around 1.0510 suggests that near-term bear pressure is easing (and perhaps reversing) now. A rebound through 1.0510 should see 1.0550 regained in the next few hours”.
USD/CAD key levels
As of writing the pair is up 0.08% at 1.0504 and a surpass of 1.0560 (high Sep.3) would open the door to 1.0574 (high Jul.9). On the flip side, support levels align at 1.0475 (low Sep.4) ahead of 1.0471 (low Aug.22) and finally 1.0403 (MA30d).
USD/CAD boosted by US data
Solid data from the US labour market plus an ISM Non Manufacturing above expectations were enough to offset the contraction from Factory Orders in the US economy, propelling the pair to fresh session highs above 1.0500. “There is evident support for the USD on dips through the upper 1.04 area still and the push back above key, short-term resistance around 1.0510 suggests that near-term bear pressure is easing (and perhaps reversing) now. A rebound through 1.0510 should see 1.0550 regained in the next few hours”.
USD/CAD key levels
As of writing the pair is up 0.08% at 1.0504 and a surpass of 1.0560 (high Sep.3) would open the door to 1.0574 (high Jul.9). On the flip side, support levels align at 1.0475 (low Sep.4) ahead of 1.0471 (low Aug.22) and finally 1.0403 (MA30d).