10 Jul 2013
USD/CAD retraces Fed-induced losses
FXstreet.com (New York) - The USD/CAD foreign exchange rate plunged following the FOMC minutes that sent FX markets into a maelstrom Wednesday, only to quickly rebound after bottoming out at 1.0446 (intraday low).
USD/CAD what losses?
The USD/CAD has now fully pared its temporary losses after an earlier Fed-induced collapse, retracing the movement in short order. At the time of writing the pair is now settling at 1.0518, now down just -0.08%. The Danske Research team points to supports at 1.0505, then 1.0472, and finally 1.0454.
USD/CAD strategic bias
According to the TD Securities Team, “Ultimately, 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 what losses?
The USD/CAD has now fully pared its temporary losses after an earlier Fed-induced collapse, retracing the movement in short order. At the time of writing the pair is now settling at 1.0518, now down just -0.08%. The Danske Research team points to supports at 1.0505, then 1.0472, and finally 1.0454.
USD/CAD strategic bias
According to the TD Securities Team, “Ultimately, 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.”