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14 Jun 2013
USD/CAD finds support around 1.0140
FXstreet.com (Edinburgh) - The US dollar is now picking up pace against the CAD on Friday, lifting the USD/CAD back to the area of 1.0170 after bottoming out in the boundaries of 1.0140.
USD/CAD digested US data
The poor result from the Reuters/Michigan index quickly dragged the pair to fresh lows, although it has managed to pick up pace afterwards. “ Short-term USD/CAD price signals suggested that there was still good support for the USD in the mid/upper 1.01 area (bullish hourly outside range reversal formed earlier this morning). But the lack of upside traction and the block on the market at 1.0185 leaves the market exposed to the risk of a little more softness near-term still”, suggested G.Moore and S.Osborne, FX Strategists at TD Securities.
USD/CAD techs
At the moment, the pair is up0.14% at 1.0175 with the next hurdle at 1.0227 (high Jun.3) followed by 1.0233 (MA10d) and then 1.0280 (MA21d). On the flip side, a breakdown of 1.0150 (low Jun.13) would bring 1.0090 (low May 14) ahead of 1.0064 (low May 10).
USD/CAD digested US data
The poor result from the Reuters/Michigan index quickly dragged the pair to fresh lows, although it has managed to pick up pace afterwards. “ Short-term USD/CAD price signals suggested that there was still good support for the USD in the mid/upper 1.01 area (bullish hourly outside range reversal formed earlier this morning). But the lack of upside traction and the block on the market at 1.0185 leaves the market exposed to the risk of a little more softness near-term still”, suggested G.Moore and S.Osborne, FX Strategists at TD Securities.
USD/CAD techs
At the moment, the pair is up0.14% at 1.0175 with the next hurdle at 1.0227 (high Jun.3) followed by 1.0233 (MA10d) and then 1.0280 (MA21d). On the flip side, a breakdown of 1.0150 (low Jun.13) would bring 1.0090 (low May 14) ahead of 1.0064 (low May 10).