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6 Mar 2014
USD/CAD testing 1.1000 support
FXStreet (Edinburgh) - The USD/CAD is rapidly depreciating on Thursday after strong Canadian housing data surprised investors to the upside.
USD/CAD softer after data
The pair is now putting the critical 1.1000 support to the test after Canadian Building Permits rose above expectations 8.5% inter-month during January. Next on tap will be February’s Ivey PMI, expected to ease to 53.5 from 56.8. “We look for support to hold up in the low 1.10s and for bargain hunting interest to pick up”, noted Shaun Osborne, Chief FX Strategist at TD Securities.
USD/CAD levels to consider
As of writing the pair is losing 0.17% at 1.1015 with the immediate support at 1.1000 (psychological level) ahead of 1.0979 (daily cloud top) and finally 1.0978 (76.4% of 1.0911-1.1196). On the upside, a surpass of 1.1118 (high Feb.5) would open the door to 1.1148 (high Feb.28) and then 1.1160 (high Feb.27).
USD/CAD softer after data
The pair is now putting the critical 1.1000 support to the test after Canadian Building Permits rose above expectations 8.5% inter-month during January. Next on tap will be February’s Ivey PMI, expected to ease to 53.5 from 56.8. “We look for support to hold up in the low 1.10s and for bargain hunting interest to pick up”, noted Shaun Osborne, Chief FX Strategist at TD Securities.
USD/CAD levels to consider
As of writing the pair is losing 0.17% at 1.1015 with the immediate support at 1.1000 (psychological level) ahead of 1.0979 (daily cloud top) and finally 1.0978 (76.4% of 1.0911-1.1196). On the upside, a surpass of 1.1118 (high Feb.5) would open the door to 1.1148 (high Feb.28) and then 1.1160 (high Feb.27).