30 Jul 2013
USD/CAD recovery capped at 1.0300
FXstreet.com (Edinburgh) -The abrupt upside of the USD/CAD seems to have run out of steam in the vicinity of the key resistance at 1.0300 on Tuesday, climbing from lows below 1.0260.
USD/CAD decline stalled around 1.0250
The correction from ytd highs above 1.0600 the figure (early July) found a solid bottom around the mid 1.0200s so far, with the pair advancing for the second consecutive session and currently flirting with 1.0300. Strategists G.Moore and S.Osborne at TD Securities suggested, “We continue to feel that the recent weakening trend in USD/CAD is losing momentum… Short-term signs are encouraging but, absent a clear bull reversal signal, USD/CAD will have to do it the hard way and push back through the high 1.03s to signal strength”.
USD/CAD key levels
The pair is now up 0.29% at 1.0299 facing the next resistance at 1.0303 (high Jul.29) ahead of 1.0319 (MA10d) and finally 1.0325 (high Jul.24). On the flip side, a breakdown of 1.0258 (low Jul.30) would target 1.0253 (low Jul.29) en route to 1.0248 (76.4% of 1.0137-1.0609).
USD/CAD decline stalled around 1.0250
The correction from ytd highs above 1.0600 the figure (early July) found a solid bottom around the mid 1.0200s so far, with the pair advancing for the second consecutive session and currently flirting with 1.0300. Strategists G.Moore and S.Osborne at TD Securities suggested, “We continue to feel that the recent weakening trend in USD/CAD is losing momentum… Short-term signs are encouraging but, absent a clear bull reversal signal, USD/CAD will have to do it the hard way and push back through the high 1.03s to signal strength”.
USD/CAD key levels
The pair is now up 0.29% at 1.0299 facing the next resistance at 1.0303 (high Jul.29) ahead of 1.0319 (MA10d) and finally 1.0325 (high Jul.24). On the flip side, a breakdown of 1.0258 (low Jul.30) would target 1.0253 (low Jul.29) en route to 1.0248 (76.4% of 1.0137-1.0609).