21 Jul 2014
USD/CAD consolidates in the mid-1.0700 area
FXStreet (Córdoba) - The USD/CAD has barely moved Monday and has spent most of the day consolidating within a narrow range, following price swings seen Friday.
With no much ahead in terms of economic data, the pair might extend its consolidation phase during the American hours as investors refrain from taking big positions. At time of writing, the USD/CAD is trading at 1.0745, 0.14% above its opening price.
USD/CAD technical outlook
"For today, we see minor resistance developing in the mid 1.07 area as our session gets underway, which may mean another look at support in the low 1.07 area but we think scope for CAD gains is limited at this point", said the TD Securities team. "We look for firm support on minor weakness to the 1.0710/15 area… USD/CAD trading above 1.0750 should see 1.0800/15 retested".
With no much ahead in terms of economic data, the pair might extend its consolidation phase during the American hours as investors refrain from taking big positions. At time of writing, the USD/CAD is trading at 1.0745, 0.14% above its opening price.
USD/CAD technical outlook
"For today, we see minor resistance developing in the mid 1.07 area as our session gets underway, which may mean another look at support in the low 1.07 area but we think scope for CAD gains is limited at this point", said the TD Securities team. "We look for firm support on minor weakness to the 1.0710/15 area… USD/CAD trading above 1.0750 should see 1.0800/15 retested".