27 Jun 2013
USD/CAD rejected from 1.0500
Fxstreet.com (Edinburgh) - The upside of the USD/CAD seems to have run out of steam in the boundaries of 1.0500 the figure on Thursday, returning to the current area of 1.0470.
USD/CAD bolstered by US data
Decent data from the US economy added more fuel to the bullish momentum surrounding the world’s reserve, lifting the pair to fresh session highs around 1.0500. In the view of G.Moore and S.Osborne, FX Strategists at TD Securities, “Daily price patterns are a little more concerning. USD/CAD’s rally has stalled at the upper end of the 9-month bull channel and price patterns do suggest a potential top forming…. Trend momentum studies remain bullishly aligned on the longer-term charts”.
USD/CAD levels to consider
At the moment the pair is up 0.11% at 1.0481 with the next hurdle at 1.0528 (high Jun.26). On the downside, a break below 1.0395 (38.2% of 1.0137-1.0556) would bring 1.0364 (low Jun.24) and finally 1.0309 (MA21d).
USD/CAD bolstered by US data
Decent data from the US economy added more fuel to the bullish momentum surrounding the world’s reserve, lifting the pair to fresh session highs around 1.0500. In the view of G.Moore and S.Osborne, FX Strategists at TD Securities, “Daily price patterns are a little more concerning. USD/CAD’s rally has stalled at the upper end of the 9-month bull channel and price patterns do suggest a potential top forming…. Trend momentum studies remain bullishly aligned on the longer-term charts”.
USD/CAD levels to consider
At the moment the pair is up 0.11% at 1.0481 with the next hurdle at 1.0528 (high Jun.26). On the downside, a break below 1.0395 (38.2% of 1.0137-1.0556) would bring 1.0364 (low Jun.24) and finally 1.0309 (MA21d).