17 Jul 2014
USD/CAD eases from highs
FXStreet (Edinburgh) - The greenback is now losing some of its earlier strength, driving the USD/CAD from session peaks near 1.0760 to the current area of 1.0745/40.
USD/CAD focus on US, Canada data
Interesting docket in the US ahead in the session will allow some volatility in the pair, as the weekly report on the labour market, Building Permits and the Philly Fed survey will be in the spotlight. In Canada, Securities Transactions are also due for the month of May although markets would bypass these results. According to Shaun Osborne, Chief FX Strategist at TD Securities, and in light of key CPI data due tomorrow, “an upside surprise tomorrow will drive USDCAD lower to the 1.0710/20, but we think it would take a major upside surprise to trigger a test of the next key support at 1.0685. Today we see funds trading in a 1.0730/70 range”.
USD/CAD levels to consider
At the moment the pair is up 0.03% at 1.0746 and a breakout of 1.0813 (200-d MA) would target 1.0814 (low May 8) en route 1.0831 (61.8% of 1.0962-1.0620). On the downside, the initial support aligns at 1.0710 (low Jul.14) followed by 1.0630 (low Jul.11) and then 1.06720 (low Jul.3).
USD/CAD focus on US, Canada data
Interesting docket in the US ahead in the session will allow some volatility in the pair, as the weekly report on the labour market, Building Permits and the Philly Fed survey will be in the spotlight. In Canada, Securities Transactions are also due for the month of May although markets would bypass these results. According to Shaun Osborne, Chief FX Strategist at TD Securities, and in light of key CPI data due tomorrow, “an upside surprise tomorrow will drive USDCAD lower to the 1.0710/20, but we think it would take a major upside surprise to trigger a test of the next key support at 1.0685. Today we see funds trading in a 1.0730/70 range”.
USD/CAD levels to consider
At the moment the pair is up 0.03% at 1.0746 and a breakout of 1.0813 (200-d MA) would target 1.0814 (low May 8) en route 1.0831 (61.8% of 1.0962-1.0620). On the downside, the initial support aligns at 1.0710 (low Jul.14) followed by 1.0630 (low Jul.11) and then 1.06720 (low Jul.3).