USD/CAD blew through initial resistance Wednesday; 1.0608 next up

FXstreet.com (Barcelona) - FOMC minutes helped the USD/CAD easily take out resistance at 1.0441. Unless something drastic comes out of the Jackson Hole Symposium, the BOC or the US data points due out Thursday, 1.0608 resistance should be next for USD/CAD.

USD/CAD traders will have plenty to digest Thursday

The US Fed’s policy meeting minutes from last month indicated split views on when to commence the Fed’s tapering program. After some false moves immediately following the release of the minutes, the final move for the day was higher for the US Dollar – and the USD/CAD. The rally took USD/CAD right through resistance at 1.0441.

On Thursday and Friday, the world will be watching:
• Weekly US jobless claims
• Canadian retail sales
• US PMI
• US Housing prices
• US Leading indicator
• KC Fed Manufacturing Activity
• US Treasury Secretary Lew speech

Technical outlook for USD/CAD

Technicians note that resistance for USD/CAD comes in at 1.0608. First support for USD/CAD comes in at the 8/16 low of 1.0292.