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17 Mar 2014
USD/CAD faded the spike to 1.1080
FXStreet (Edinburgh) - The CAD is appreciating against its neighbour on Monday, now dragging the USD/CAD back to the lower band of today’s range near 1.1050.
USD/CAD bounced lacked conviction
The pair’s intraday decline seemed to have come to a halt after the auspicious US data, lifting spot to the vicinity of 1.1080. However, the bull attempt was ephemeral, running out of legs and retreating to the mid 1.10s. “Good support comes in near 1.1040/50… Beyond that the recent lows near 1.0950 will be pivotal. On the topside we would expect to see some selling ahead of 1.1125/1.1150, with key topside resistance at the 2014 highs, ie 1.1200/1.1225”, commented Stephen Gallo, European Head FX Strategy at BMO.
USD/CAD levels to watch
The pair is now losing 0.44% at 1.1054 facing the next support at 1.1045 (low Mar.17) ahead of 1.1007 (daily cloud top) and then 1.0955 (low Mar.6). On the flip side, a breakout of 1.1111 (high Mar.14) would open the door to 1.1154 (high Mar.12) and finally1.1160 (high Feb.27).
USD/CAD bounced lacked conviction
The pair’s intraday decline seemed to have come to a halt after the auspicious US data, lifting spot to the vicinity of 1.1080. However, the bull attempt was ephemeral, running out of legs and retreating to the mid 1.10s. “Good support comes in near 1.1040/50… Beyond that the recent lows near 1.0950 will be pivotal. On the topside we would expect to see some selling ahead of 1.1125/1.1150, with key topside resistance at the 2014 highs, ie 1.1200/1.1225”, commented Stephen Gallo, European Head FX Strategy at BMO.
USD/CAD levels to watch
The pair is now losing 0.44% at 1.1054 facing the next support at 1.1045 (low Mar.17) ahead of 1.1007 (daily cloud top) and then 1.0955 (low Mar.6). On the flip side, a breakout of 1.1111 (high Mar.14) would open the door to 1.1154 (high Mar.12) and finally1.1160 (high Feb.27).