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1 Nov 2013
USD/CAD off highs, around 1.0440
FXstreet.com (Edinburgh) - The bid tone around the greenback is pushing the USD/CAD to consolidate gains beyond the 1.0400 handle on Friday, trimming losses from Thursday’s sell-off.
USD/CAD ranging between 1.0400-1.0500
The pair is netting an almost even week so far despite the firmer tone from the USD, confirming the solid rebound from October troughs near the psychological support at 1.0300. Today’s better-than-expected ISM Manufacturing helped the pair hit fresh highs beyond 1.0450, although it lost some momentum afterwards. G.Moore and S.Osborne, FX Strategists at TD Securities commented “Gains through the 1.0440/45 area this morning should confer a little more strength on the USD intraday—towards 1.0465/75 potentially. We look for firm support on dips to the low 1.04 area from here and we retain a broadly bullish bias”.
USD/CAD levels to watch
The pair is now up 0.09% at 1.0441 with the next resistance at 1.0464 (61.8% of 1.0497-1.0411) ahead of 1.0490 (high Oct.31) and then 1.0497 (high Oct.30). On the downside, a violation of 1.0411 (low Nov.1) would open the door to 1.0376 (cloud top) and finally 1.0366 (low Oct.24).
USD/CAD ranging between 1.0400-1.0500
The pair is netting an almost even week so far despite the firmer tone from the USD, confirming the solid rebound from October troughs near the psychological support at 1.0300. Today’s better-than-expected ISM Manufacturing helped the pair hit fresh highs beyond 1.0450, although it lost some momentum afterwards. G.Moore and S.Osborne, FX Strategists at TD Securities commented “Gains through the 1.0440/45 area this morning should confer a little more strength on the USD intraday—towards 1.0465/75 potentially. We look for firm support on dips to the low 1.04 area from here and we retain a broadly bullish bias”.
USD/CAD levels to watch
The pair is now up 0.09% at 1.0441 with the next resistance at 1.0464 (61.8% of 1.0497-1.0411) ahead of 1.0490 (high Oct.31) and then 1.0497 (high Oct.30). On the downside, a violation of 1.0411 (low Nov.1) would open the door to 1.0376 (cloud top) and finally 1.0366 (low Oct.24).