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4 Jul 2013
USD/CAD finds support around 1.0470
FXstreet.com (Barcelona) - The greenback has resumed its upside against its fellow neighbour on Thursday, gathering traction after the USD/CAD bottomed out around 1.0470.
USD/CAD now focused on NFP
Tomorrow will be the biggest day for the FX community, as the US will release June’s Payrolls, expected to ease to 165K from 175K in the previous month. In the opinion of G.Moore and S.Osborne, FX Strategists at TD Securities, “The pair managed to poke above the upper end of the 1.0420/1.0550 range earlier this week, but the inability to sustainably hold above that level leaves the broader neutral trend intact for now. Price action has been concentrated in the upper end of the range so far this week, but we could see a slide as low as the mid 1.04 area, without altering the consolidation theme”.
USD/CAD relevant levels
At the time of writing, the pair is up 0.14% at 1.0519 facing the next hurdle at 1.0565 (high Jul.3) followed by 1.0578 (high Jul.2) and finally the psychological level at 1.0600. On the downside, a dip beyond 1.0472 (low Jul.4) would accelerate the pullbacks towards 1.0454 (low Jun.28) and then 1.0423 (low Jun.27).
USD/CAD now focused on NFP
Tomorrow will be the biggest day for the FX community, as the US will release June’s Payrolls, expected to ease to 165K from 175K in the previous month. In the opinion of G.Moore and S.Osborne, FX Strategists at TD Securities, “The pair managed to poke above the upper end of the 1.0420/1.0550 range earlier this week, but the inability to sustainably hold above that level leaves the broader neutral trend intact for now. Price action has been concentrated in the upper end of the range so far this week, but we could see a slide as low as the mid 1.04 area, without altering the consolidation theme”.
USD/CAD relevant levels
At the time of writing, the pair is up 0.14% at 1.0519 facing the next hurdle at 1.0565 (high Jul.3) followed by 1.0578 (high Jul.2) and finally the psychological level at 1.0600. On the downside, a dip beyond 1.0472 (low Jul.4) would accelerate the pullbacks towards 1.0454 (low Jun.28) and then 1.0423 (low Jun.27).