5 Sep 2013
USD/CAD capped by 1.0500 pre-US data
FXstreet.com (Edinburgh) -The USD/CAD is posting marginal losses on Thursday, as the recent USD rally seems to be running out of steam ahead of US docket.
USD/CAD extends the correction
The pair found some decent support in the area of 1.0480 today, as the rejection from recent peaks beyond 1.0550 seems to have stalled. According to Geoffrey Yu and Gareth Berry at the Swiss lender UBS, the pair’s outlook remains bullish, adding, “There is an important resistance range at 1.0609/58. With bullish conditions in place, there is scope for more upside to test 1.0804. Support is at 1.0456 ahead of 1.0422”.
USD/CAD levels to watch
The pair is now losing 0.10% at 1.0484 with the next support at 1.0475 (low Sep.4) followed by 1.0471 (low Aug.22) and then 1.0403 (MA30d). On the flip side, a break above 1.0510 (MA10d) would open the door to 1.0560 (high Sep.3) and finally 1.0574 (high Jul.9).
USD/CAD extends the correction
The pair found some decent support in the area of 1.0480 today, as the rejection from recent peaks beyond 1.0550 seems to have stalled. According to Geoffrey Yu and Gareth Berry at the Swiss lender UBS, the pair’s outlook remains bullish, adding, “There is an important resistance range at 1.0609/58. With bullish conditions in place, there is scope for more upside to test 1.0804. Support is at 1.0456 ahead of 1.0422”.
USD/CAD levels to watch
The pair is now losing 0.10% at 1.0484 with the next support at 1.0475 (low Sep.4) followed by 1.0471 (low Aug.22) and then 1.0403 (MA30d). On the flip side, a break above 1.0510 (MA10d) would open the door to 1.0560 (high Sep.3) and finally 1.0574 (high Jul.9).