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21 May 2014
USD/CAD pushing higher, claims 1.0950
FXStreet (Edinburgh) - The greenback is now regaining ground lost and pushing the USD/CAD to fresh weekly highs just below the 1.0940 level.
USD/CAD extends the upside
Spot is extending its positive streak to the third session so far, bolstered by quite a decent buying sentiment around the USD. Calendar in both Canada and the US is empty today, although the FOMC minutes would put the recent USD upside to the test during the European evening. According to Camilla Sutton, Chief FX Strategist at Scotiabank, the short term technicals are mixed, “technical signals are not supporting each other, suggesting the outlook for USDCAD is shifting away from bearish. Support lies at the recent low of 1.0851 while resistance lies at the psychologically important 1.10”.
USD/CAD levels to watch
At the moment the pair is gaining 0.25% at 1.0936 with the next resistance at 1.0961 (high May 6) ahead of 1.1001 (21-w MA) and then 1.1007 (high May 2). On the flip side, a breakdown of 1.0814 (low May 8) would aim for 1.0762 (low Jan.8) and finally 1.0737 (high Dec.20).
USD/CAD extends the upside
Spot is extending its positive streak to the third session so far, bolstered by quite a decent buying sentiment around the USD. Calendar in both Canada and the US is empty today, although the FOMC minutes would put the recent USD upside to the test during the European evening. According to Camilla Sutton, Chief FX Strategist at Scotiabank, the short term technicals are mixed, “technical signals are not supporting each other, suggesting the outlook for USDCAD is shifting away from bearish. Support lies at the recent low of 1.0851 while resistance lies at the psychologically important 1.10”.
USD/CAD levels to watch
At the moment the pair is gaining 0.25% at 1.0936 with the next resistance at 1.0961 (high May 6) ahead of 1.1001 (21-w MA) and then 1.1007 (high May 2). On the flip side, a breakdown of 1.0814 (low May 8) would aim for 1.0762 (low Jan.8) and finally 1.0737 (high Dec.20).