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28 Aug 2013
USD/CAD keeps the positive below 1.0500
FXstreet.com (Edinburgh) -The USD is picking up pace again, lifting the USD/CAD to the vicinity of 1.0490 after a knee-jerk post US-data to lows around 1.0475/70.
USD/CAD focus on US/Canada GDP
As the Syrian front remains the main driver of this week’s price action, both US and Canada will publish their GDP figures for the second quarter tomorrow and Friday. Market consensus expects the American economy to have expanded at an annual pace of 1.3% and the Canadian economic activity 1.5% QoQ. According to G.Moore and S.Osborne, GX Strategists at TD Securities, “We look at the drift back in spot from the upper 1.05 area over the past few days as a consolidation. The bull trend resumes above 1.0520 intraday for a retest of 1.0600/50. Short-term support is 1.0473 and 1.0445”.
USD/CAD levels to watch
At the moment the pair is up 0.11% at 1.0486 with the next resistance at 1.0540 (high Aug.27) followed by 1.0569 (high Aug.23) and then 1.0574 (high Jul.9). On the flip side, a break below 1.0471 (low Aug.22) would open the door to 1.0423 (MA10d) and finally 1.0393 (low Aug.21).
USD/CAD focus on US/Canada GDP
As the Syrian front remains the main driver of this week’s price action, both US and Canada will publish their GDP figures for the second quarter tomorrow and Friday. Market consensus expects the American economy to have expanded at an annual pace of 1.3% and the Canadian economic activity 1.5% QoQ. According to G.Moore and S.Osborne, GX Strategists at TD Securities, “We look at the drift back in spot from the upper 1.05 area over the past few days as a consolidation. The bull trend resumes above 1.0520 intraday for a retest of 1.0600/50. Short-term support is 1.0473 and 1.0445”.
USD/CAD levels to watch
At the moment the pair is up 0.11% at 1.0486 with the next resistance at 1.0540 (high Aug.27) followed by 1.0569 (high Aug.23) and then 1.0574 (high Jul.9). On the flip side, a break below 1.0471 (low Aug.22) would open the door to 1.0423 (MA10d) and finally 1.0393 (low Aug.21).