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7 Mar 2014
USD/CAD capped by 1.1000
FXStreet (Edinburgh) - The weakness surrounding the greenback plus the upbeat sentiment around the risk appetite is keeping the USD/CAD below the 1.100 psychological barrier so far.
USD/CAD supported at 1.0960
The pair found decent support in the area of weekly lows near 1.0960 on Thursday, managing to gather some steam and attempt an assault to 1.1000 during the European morning. The current rebound would be put to the test however, as February’s Payrolls are due later in the US economy (consensus expecting 149K) along with labour market data in Canada. “A less constructive mix of results (better US data, disappointing Canadian figures) needs to get USDCAD back through 1.1045 (40-day MA) to stabilize”, suggested Shaun Osborne, Chief FX Strategist at TD Securities.
USD/CAD significant levels
The pair is now losing 0.01% at 1.0990 and the initial support aligns at 1.0955 (low Mar.6) followed by 1.0911 (low Feb.19) and then 1.0905 (low Jan.16). On the upside, a breakout of 1.1046 (high Mar.6) would open the door to 1.1101 (high Mar.5) and finally 1.1118 (high Feb.5).
USD/CAD supported at 1.0960
The pair found decent support in the area of weekly lows near 1.0960 on Thursday, managing to gather some steam and attempt an assault to 1.1000 during the European morning. The current rebound would be put to the test however, as February’s Payrolls are due later in the US economy (consensus expecting 149K) along with labour market data in Canada. “A less constructive mix of results (better US data, disappointing Canadian figures) needs to get USDCAD back through 1.1045 (40-day MA) to stabilize”, suggested Shaun Osborne, Chief FX Strategist at TD Securities.
USD/CAD significant levels
The pair is now losing 0.01% at 1.0990 and the initial support aligns at 1.0955 (low Mar.6) followed by 1.0911 (low Feb.19) and then 1.0905 (low Jan.16). On the upside, a breakout of 1.1046 (high Mar.6) would open the door to 1.1101 (high Mar.5) and finally 1.1118 (high Feb.5).