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30 Jul 2014
USD/CAD looks to consolidate near 1.0870
FXStreet (Edinburgh) - The greenback keeps the bid tone alive on Wednesday, pushing the USD/CAD to consolidate in the upper band of today’s range near 1.0870.
USD/CAD eyes on data
The pair continues its rally from July troughs around 1.0620, always backed by a firm tone surrounding the US dollar. Ahead in the day, the recent upside will be put to the test following the US ADP report, GDP Annualized and the FOMC meeting. “We continue to look for a push to 1.09 (at least) for USDCAD near-term and while we are nearly there, things may get a little choppier still in the next few days”, suggested Shaun Osborne, Chief FX Strategist at TD Securities.
USD/CAD levels to watch
As of writing the pair is up 0.09% at 1.0863 and a breakout of 1.0885 (daily cloud top) would expose 1.0898 (high Jun.18) and then 1,.0922 (high Jun.10). On the downside, the immediate support lines up at 1.0801 (low Jul.28) ahead of 1.0768 (Daily Tenkan) and finally 1.0763 (10-d MA).
USD/CAD eyes on data
The pair continues its rally from July troughs around 1.0620, always backed by a firm tone surrounding the US dollar. Ahead in the day, the recent upside will be put to the test following the US ADP report, GDP Annualized and the FOMC meeting. “We continue to look for a push to 1.09 (at least) for USDCAD near-term and while we are nearly there, things may get a little choppier still in the next few days”, suggested Shaun Osborne, Chief FX Strategist at TD Securities.
USD/CAD levels to watch
As of writing the pair is up 0.09% at 1.0863 and a breakout of 1.0885 (daily cloud top) would expose 1.0898 (high Jun.18) and then 1,.0922 (high Jun.10). On the downside, the immediate support lines up at 1.0801 (low Jul.28) ahead of 1.0768 (Daily Tenkan) and finally 1.0763 (10-d MA).