Back
21 May 2014
USD/CAD making an attempt at daily highs
FXStreet (Córdoba) - The USD/CAD consolidates at the top-side of this week’s range around the 1.0900 mark, unable to pick up momentum even when the greenback is advancing versus other counterparts.
The USD/CAD has spent most of the day oscillating in a slim range, currently at 1.0910, just a few pips above its opening price. There is no data expected from Canada today and focus will be on FOMC minutes. However, Canadian retail sales on Thursday and CPI on Friday would be important for the CAD.
USD/CAD outlook
The short-term technical perspective is mixed according to Camilla Sutton, analyst at Scotiabank. “Technical signals are not supporting each other, suggesting the outlook for USD/CAD is shifting away from bearish. Support lies at the recent low of 1.0851; while resistance lies at the psychologically important 1.10”, said the analyst.
The USD/CAD has spent most of the day oscillating in a slim range, currently at 1.0910, just a few pips above its opening price. There is no data expected from Canada today and focus will be on FOMC minutes. However, Canadian retail sales on Thursday and CPI on Friday would be important for the CAD.
USD/CAD outlook
The short-term technical perspective is mixed according to Camilla Sutton, analyst at Scotiabank. “Technical signals are not supporting each other, suggesting the outlook for USD/CAD is shifting away from bearish. Support lies at the recent low of 1.0851; while resistance lies at the psychologically important 1.10”, said the analyst.