25 Oct 2013
USD/CAD consolidates above 1.0400
FXstreet.com (Edinburgh) -The USD/CAD is extending its bullish momentum beyond the 1.0400 mark at the end of the week, bolstered by increasing selling interest around the CAD.
USD/CAD boosted by BoC
The Canadian dollar is suffering the unexpected dovish tone from the BoC in its last meeting on Wednesday, leaving its tightening bias for a more relaxed monetary stance. “The broader trend higher remains respected and the market has posted a strong rejection of key support (40-week/200-day moving averages) this week; a bullish outside range week looks a certainty at this stage. The rising trend suggests incremental pressure on recent resistance in the 1.06 area in the next few weeks. A sustained move above the mid-year high (1.0605) would open up the topside for an extension to 1.07+ fairly quickly”, commented G.Moore and S.Osborne at TD Securities.
USD/CAD key levels
The pair is now advancing 0.26% at 1.0448 with the next support at 1.0283 (low Oct.23) followed by 1.0271 (low Oct.22) and then 1.0269 (MA200d).
USD/CAD boosted by BoC
The Canadian dollar is suffering the unexpected dovish tone from the BoC in its last meeting on Wednesday, leaving its tightening bias for a more relaxed monetary stance. “The broader trend higher remains respected and the market has posted a strong rejection of key support (40-week/200-day moving averages) this week; a bullish outside range week looks a certainty at this stage. The rising trend suggests incremental pressure on recent resistance in the 1.06 area in the next few weeks. A sustained move above the mid-year high (1.0605) would open up the topside for an extension to 1.07+ fairly quickly”, commented G.Moore and S.Osborne at TD Securities.
USD/CAD key levels
The pair is now advancing 0.26% at 1.0448 with the next support at 1.0283 (low Oct.23) followed by 1.0271 (low Oct.22) and then 1.0269 (MA200d).