9 Apr 2014
USD/CAD testing 1.0900
FXStreet (Edinburgh) - The weakness around the greenback is gathering traction on Wednesday ahead of the FOMC minutes, dragging the USD/CAD to multi-week lows in sub-1.0900 levels.
USD/CAD in 3-month lows
Spot is testing levels last seen in mid-January below the 1.0900 handle following the generalized selling mood around the greenback. The pair, which is falling for the third consecutive week, will face the FOMC minutes this evening in Europe followed by some Fedspeak (Evans and Tarullo). According to Shaun Osborne, Chief FX Strategist at TD Securities, “The daily picture for USDCAD shows spot holding in a narrow range a little above the 1.0910 low registered in February. This is key support for funds; a break below here to new cycle lows will shift the balance of risks more obviously towards a drop to the low 1.07s”.
USD/CAD levels to consider
At the moment the pair is losing 0.15% at 1.0904 with the immediate support at 1.0900 (psychological level). On the flip side, a breakout of 1.1001 (low Mar.27) would expose 1.1078 (high Mar.28) and finally 1.1095 (weekly Tenkan Sen).
USD/CAD in 3-month lows
Spot is testing levels last seen in mid-January below the 1.0900 handle following the generalized selling mood around the greenback. The pair, which is falling for the third consecutive week, will face the FOMC minutes this evening in Europe followed by some Fedspeak (Evans and Tarullo). According to Shaun Osborne, Chief FX Strategist at TD Securities, “The daily picture for USDCAD shows spot holding in a narrow range a little above the 1.0910 low registered in February. This is key support for funds; a break below here to new cycle lows will shift the balance of risks more obviously towards a drop to the low 1.07s”.
USD/CAD levels to consider
At the moment the pair is losing 0.15% at 1.0904 with the immediate support at 1.0900 (psychological level). On the flip side, a breakout of 1.1001 (low Mar.27) would expose 1.1078 (high Mar.28) and finally 1.1095 (weekly Tenkan Sen).