16 Oct 2013
USD/CAD around 1.0370 after data
FXstreet.com (Edinburgh) -The USD/CAD remains tied to a narrow 1.0360/1.3080 range on Wednesday, paying almost no attention to the recent data releases.
USD/CAD hinging on US developments
Almost empty docket in Canada showed that Manufacturing Shipments contracted at a monthly pace of 0.2% during August, missing the median and lower from the previous reading. The pair practically ignored the data, as its focus remains on the US political arena ahead of tomorrow’s debt ceiling deadline. “Washington headlines will continue to be the focus for the pair today—with the USD benefitting from ‘no resolution’ headlines, and visa versa”, noted S.Osborne and G.Moore, Strategists at TD Securities.
USD/CAD critical levels
As of writing the pair is down 0.13% at 1.0369 with the immediate support at 1.0331 (low Oct.15) followed by 1.0329 (38.2% of 1.0182 -1.0420) and finally 1.0287 (low Oct.7). On the upside, a break above 1.0412 (high Oct.11) would open the door to 1.0420 (high Oct.10) and then 1.0429 (cloud base).
USD/CAD hinging on US developments
Almost empty docket in Canada showed that Manufacturing Shipments contracted at a monthly pace of 0.2% during August, missing the median and lower from the previous reading. The pair practically ignored the data, as its focus remains on the US political arena ahead of tomorrow’s debt ceiling deadline. “Washington headlines will continue to be the focus for the pair today—with the USD benefitting from ‘no resolution’ headlines, and visa versa”, noted S.Osborne and G.Moore, Strategists at TD Securities.
USD/CAD critical levels
As of writing the pair is down 0.13% at 1.0369 with the immediate support at 1.0331 (low Oct.15) followed by 1.0329 (38.2% of 1.0182 -1.0420) and finally 1.0287 (low Oct.7). On the upside, a break above 1.0412 (high Oct.11) would open the door to 1.0420 (high Oct.10) and then 1.0429 (cloud base).