7 Aug 2013
USD/CAD consolidates above 1.0350
FXstreet.com (Barcelona) - The USD/CAD foreign exchange rate is last quoted at 1.0373 bids, off yesterday's Asian session weekly lows at 1.0346, ahead of later on building permits in Canada at 12:30 GMT and Ivey PMI at 14:00 GMT.
USD/CAD constructive for funds
According to the Toronto based FX Research Team at TD Securities, “USD/CAD is fluctuating narrowly around the 40-day MA (1.0383) but the broader trend looks constructive for funds. We think the correction from 1.06+ high reached early in July is complete, with the USD finding solid and consistent support in the 1.0250 area last week (76.4% retracement of the 1.01/1.06 rally).”
USD/CAD key technical levels
Immediate support to the downside for USD/CAD lies at recent session lows 1.0364, followed by yesterday's weekly lows at 1.0346, and Friday's lows at 1.0336. To the upside, closest resistance shows at NY session highs and previous weekly close 1.0391, followed by Monday's weekly highs at 1.0405, and July 11/16/17/18 highs at 1.0437/43.
USD/CAD constructive for funds
According to the Toronto based FX Research Team at TD Securities, “USD/CAD is fluctuating narrowly around the 40-day MA (1.0383) but the broader trend looks constructive for funds. We think the correction from 1.06+ high reached early in July is complete, with the USD finding solid and consistent support in the 1.0250 area last week (76.4% retracement of the 1.01/1.06 rally).”
USD/CAD key technical levels
Immediate support to the downside for USD/CAD lies at recent session lows 1.0364, followed by yesterday's weekly lows at 1.0346, and Friday's lows at 1.0336. To the upside, closest resistance shows at NY session highs and previous weekly close 1.0391, followed by Monday's weekly highs at 1.0405, and July 11/16/17/18 highs at 1.0437/43.