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22 May 2014
USD/CAD keeps highs post-data
FXStreet (Edinburgh) - The Canadian dollar intensified its depreciation vs. the greenback on Thursday, pushing the USD/CAD to fresh highs beyond 1.0930.
USD/CAD propped up by data
Canadian retail sales came in below estimates during March, with the headline print contracting 0.1% and expanding 0.1% if we exclude the automobile sector. In the US, Claims rose to 326K in the week ended on May 16 vs. forecasts for 310K and up from 298K in the previous week. “We think USDCAD is doing a lot of good technical “work” in the 1.0850/1.09 area currently… and weekly signals are starting to turn a bit more constructive. We look for firm support intraday at 1.0885/90. Resistance is 1.0955/60”, noted Shaun Osborne, Chief FX Strategist at TD Securities.
USD/CAD significant levels
At the moment the pair is up 0.06% at 1.0918 and a surpass of 1.0961 (high May 6) would open the door to 1.1001 (21-w MA) and then 1.1007 (high May 2). On the flip side, the initial support aligns at 1.0851 (low May 18) ahead of 1.0814 (low May 8) and finally 1.0762 (low Jan.8).
USD/CAD propped up by data
Canadian retail sales came in below estimates during March, with the headline print contracting 0.1% and expanding 0.1% if we exclude the automobile sector. In the US, Claims rose to 326K in the week ended on May 16 vs. forecasts for 310K and up from 298K in the previous week. “We think USDCAD is doing a lot of good technical “work” in the 1.0850/1.09 area currently… and weekly signals are starting to turn a bit more constructive. We look for firm support intraday at 1.0885/90. Resistance is 1.0955/60”, noted Shaun Osborne, Chief FX Strategist at TD Securities.
USD/CAD significant levels
At the moment the pair is up 0.06% at 1.0918 and a surpass of 1.0961 (high May 6) would open the door to 1.1001 (21-w MA) and then 1.1007 (high May 2). On the flip side, the initial support aligns at 1.0851 (low May 18) ahead of 1.0814 (low May 8) and finally 1.0762 (low Jan.8).