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21 Oct 2013
USD/CAD flirting with 1.0300
FXstreet.com (Edinburgh) -The better momentum in the greenback is lifting the USD/CAD to the boundaries of the psychological limestone at 1.0300 on Monday.
USD/CAD supported by 1.0280
The area around 1.0280 proved to be quite a strong support for the pair, as shown by many previous unsuccessful attempts by bears to convincingly break through this level. The pair would remain under pressure this week, as many key releases are due in both US and Canada. Starting tomorrow with September Payrolls and Canadian Retail Sales and following on Wednesday with the BoC monetary policy meeting. “Despite the soft undertone and lack of clear signals here, we still rather think USD/CAD at current levels represents a good risk/reward (against the 200-day MA) buying opportunity. Resistance is 1.0363 (40-day MA), then the low 1.04 zone”, noted G.Moore and S.Osborne, FX Strategists at TD Securities.
USD/CAD levels to watch
The pair is now up 0.13% at 1.0300 with the next resistance at 1.0332 (high Oct.17) ahead of 1.0385 (high Oct.16) and then 1.0392 (high Oct.15). On the flip side, a breakdown of 1.0275 (low Sep.30) would open the door to 1.0273 (61.8% of 1.0182-1.0420) and then 1.0261 (MA200d).
USD/CAD supported by 1.0280
The area around 1.0280 proved to be quite a strong support for the pair, as shown by many previous unsuccessful attempts by bears to convincingly break through this level. The pair would remain under pressure this week, as many key releases are due in both US and Canada. Starting tomorrow with September Payrolls and Canadian Retail Sales and following on Wednesday with the BoC monetary policy meeting. “Despite the soft undertone and lack of clear signals here, we still rather think USD/CAD at current levels represents a good risk/reward (against the 200-day MA) buying opportunity. Resistance is 1.0363 (40-day MA), then the low 1.04 zone”, noted G.Moore and S.Osborne, FX Strategists at TD Securities.
USD/CAD levels to watch
The pair is now up 0.13% at 1.0300 with the next resistance at 1.0332 (high Oct.17) ahead of 1.0385 (high Oct.16) and then 1.0392 (high Oct.15). On the flip side, a breakdown of 1.0275 (low Sep.30) would open the door to 1.0273 (61.8% of 1.0182-1.0420) and then 1.0261 (MA200d).