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17 Jul 2013
USD/CAD returns to 1.0400
FXstreet.com (Edinburgh) -After hitting session tops in the boundaries of 1.0440, the impulse surrounding the greenback run out of steam, dragging the USD/CAD to the proximity of the key support at 1.0400.
USD/CAD keeps the upside
Despite the renewed weakness surrounding the USD, the pair is keeping the composure on Wednesday, hovering over 1.0400 after Bernanke’s testimony and the BoC meeting. In the short-term, analysts at TD Securities commented “A sustained move below short-term support at 1.0374 (bear wedge base) levitates the risk that USD/CAD takes another tumble but the market seems reluctant to commit so far today… From here, USD/CAD really needs to move back through 1.0425/45 to stabilize”.
USD/CAD key levels
As of writing the pair is up 0.33% at 1.0405 facing the next hurdle at 1.0459 (MA21d) ahead of 1.0467 (Tenkan line) and finally 1.0540 (high Jul.10). On the flip side, a breach of 1.0373 (Kijun line) would target 1.0326 (low Jul.11) en route to 1.0317 (61.8% of 1.0137-1.0609).
USD/CAD keeps the upside
Despite the renewed weakness surrounding the USD, the pair is keeping the composure on Wednesday, hovering over 1.0400 after Bernanke’s testimony and the BoC meeting. In the short-term, analysts at TD Securities commented “A sustained move below short-term support at 1.0374 (bear wedge base) levitates the risk that USD/CAD takes another tumble but the market seems reluctant to commit so far today… From here, USD/CAD really needs to move back through 1.0425/45 to stabilize”.
USD/CAD key levels
As of writing the pair is up 0.33% at 1.0405 facing the next hurdle at 1.0459 (MA21d) ahead of 1.0467 (Tenkan line) and finally 1.0540 (high Jul.10). On the flip side, a breach of 1.0373 (Kijun line) would target 1.0326 (low Jul.11) en route to 1.0317 (61.8% of 1.0137-1.0609).