Back
19 Feb 2014
USD/CAD higher, 1.1100 just there
FXStreet (Edinburgh) - The USD/CAD remains buoyant on Wednesday, extending its intraday upside near the 1.1070 region backed by a bid tone around the greenback.
USD/CAD in weekly highs
Soon after spot printed fresh 1-month low in the vicinity of 1.0900, it’s sharply rebounded to levels beyond 1.070, or weekly highs, despite the initial softer tone around the USD. The FOMC minutes are now supporting the upside, with the interim target around 1.1080/1.1100. According to Shaun Osborne, Chief FX Strategist at TD Securites, “Intraday price action is bullish and a strong close on the day would form a bullish key reversal day (a similar but bearish signal called the top above 1.12). We look for solid support on modest weakness from here now and for the market to edge towards a retest of 1.12 at least”.
USD/CAD key levels
The pair is now up 1.01% at 1.1074 facing the next resistance at 1.1090 (high Feb.11) followed by 1.1124 (high Feb.4) and then 1.1135 (high Feb.3). On the flip side, a breakdown of 1.0911 (low Feb.19) would target 1.0905 (low Jan.16) en route to 1.0860 (low Jan.4).
USD/CAD in weekly highs
Soon after spot printed fresh 1-month low in the vicinity of 1.0900, it’s sharply rebounded to levels beyond 1.070, or weekly highs, despite the initial softer tone around the USD. The FOMC minutes are now supporting the upside, with the interim target around 1.1080/1.1100. According to Shaun Osborne, Chief FX Strategist at TD Securites, “Intraday price action is bullish and a strong close on the day would form a bullish key reversal day (a similar but bearish signal called the top above 1.12). We look for solid support on modest weakness from here now and for the market to edge towards a retest of 1.12 at least”.
USD/CAD key levels
The pair is now up 1.01% at 1.1074 facing the next resistance at 1.1090 (high Feb.11) followed by 1.1124 (high Feb.4) and then 1.1135 (high Feb.3). On the flip side, a breakdown of 1.0911 (low Feb.19) would target 1.0905 (low Jan.16) en route to 1.0860 (low Jan.4).