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14 Nov 2013
USD/CAD keeps highs near 1.0500
FXstreet.com (Edinburgh) - The USD has recovered from yesterday’s pullback, taking the USD/CAD to levels beyond the 1.0500 handle after bottoming out near 1.0440 overnight.
USD/CAD eyes on Yellen, data
The pair is thus extending its weekly gains and the recovery from the boundaries of 1.0300 the figure in mid October, ahead of today’s Yellen’s testimony before the Senate Banking Committee and the results from US and Canadian trade balances. Prior surveys signal the US trade deficit to widen to $39 billion in October while the Canadian trade deficit is expected to narrow to $1 billion in September. “The market continues to encounter strong trend resistance in the low 1.05 zone but we think it is a question of when, rather than if, the market breaks higher and retests 1.06, with underlying trend momentum still very strong. We continue to believe that modest USD/CAD dips (low 1.04s now) are a buy”, suggested analysts at TD Securities”.
USD/CAD levels to consider
The pair is now up 0.32% at 1.0495 with the next resistance at 1.0509 (high Nov.12) followed by 1.0516 (high Sep.5) and then 1.0560 (high Sep.3). On the flip side, a break below 1.0455 (low Nov.13) would aim for 1.0454 (50% of 1.0398-1.0509) and then 1.0453 (MA10d).
USD/CAD eyes on Yellen, data
The pair is thus extending its weekly gains and the recovery from the boundaries of 1.0300 the figure in mid October, ahead of today’s Yellen’s testimony before the Senate Banking Committee and the results from US and Canadian trade balances. Prior surveys signal the US trade deficit to widen to $39 billion in October while the Canadian trade deficit is expected to narrow to $1 billion in September. “The market continues to encounter strong trend resistance in the low 1.05 zone but we think it is a question of when, rather than if, the market breaks higher and retests 1.06, with underlying trend momentum still very strong. We continue to believe that modest USD/CAD dips (low 1.04s now) are a buy”, suggested analysts at TD Securities”.
USD/CAD levels to consider
The pair is now up 0.32% at 1.0495 with the next resistance at 1.0509 (high Nov.12) followed by 1.0516 (high Sep.5) and then 1.0560 (high Sep.3). On the flip side, a break below 1.0455 (low Nov.13) would aim for 1.0454 (50% of 1.0398-1.0509) and then 1.0453 (MA10d).