10 Jul 2013
USD/CAD upside capped above 1.0520
FXstreet.com (Edinburgh) - The pair found buying interest in the boundaries of the key support at 1.0500 on Wednesday, lifting the USD/CAD to test and fail once again above the 1.0520 level.
USD/CAD range-bound ahead of Bernanke
The pair is retreating for the third session in a row, as the USD rally seems to be taking a breather pre-FOMC minutes and Bernanke speech. In the neart term and according to G.Moore and S.Osborne, FX Strategists at TD Securities, “The drop in spot so far has been relatively modest but the correction may be more or less played out now as the oscillator is nearing oversold levels. We look for support between 1.0475/1.05 near-term. Above 1.0531 intraday is bullish”.
USD/CAD critical levels
The pair is now retreating 0.10% at 1.0516 with the next support at 1.0499 (low Jul.10) ahead of 1.0498 (23.6% of 1.0137-1.0609) and finally 1.0472 (low Jul.4). On the upside, a break above 1.0540 (high Jul.10) would aim for 1.0574 (high Jul.9) and then 1.0586 (high Jul.8).
USD/CAD range-bound ahead of Bernanke
The pair is retreating for the third session in a row, as the USD rally seems to be taking a breather pre-FOMC minutes and Bernanke speech. In the neart term and according to G.Moore and S.Osborne, FX Strategists at TD Securities, “The drop in spot so far has been relatively modest but the correction may be more or less played out now as the oscillator is nearing oversold levels. We look for support between 1.0475/1.05 near-term. Above 1.0531 intraday is bullish”.
USD/CAD critical levels
The pair is now retreating 0.10% at 1.0516 with the next support at 1.0499 (low Jul.10) ahead of 1.0498 (23.6% of 1.0137-1.0609) and finally 1.0472 (low Jul.4). On the upside, a break above 1.0540 (high Jul.10) would aim for 1.0574 (high Jul.9) and then 1.0586 (high Jul.8).