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28 Mar 2014
USD/CAD tests highs near 1.1080
FXStreet (Edinburgh) - The greenback is picking up pace against its neighbour on Friday, lifting the USD/CAD to fresh intraday highs just below 1.1080.
USD/CAD stronger despite US data
The pair is partially recovering yesterday’s decline, managing to bounce off session lows near the 1.1000 handle posted in the European morning. There were no data releases in the Canadian economy while US PCE matched estimates and the Reuters/Michigan index came in on the soft side. In the opinion of Stephen Gallo, European Head FX Strategy at BMO, “ the 1.105-1.109 range should now provide some very good resistance over the near-term, and that resistance area may extend straight through to ADP and NFPs next week. A surprise easing from the ECB next week may also prevent USDCAD topside somewhat, by weighing on EURCAD”.
USD/CAD levels to consider
As of writing the pair is advancing 0.38% at 1.1072 with the next resistance at 1.1106 (high Mar.27) ahead of 1.1140 (Kijun) and finally 1.1170 (high Mar.26). On the downside, a breach of 1.1001 (low Mar.28) would open the door to 1.0962 (up TL from 1.0271).
USD/CAD stronger despite US data
The pair is partially recovering yesterday’s decline, managing to bounce off session lows near the 1.1000 handle posted in the European morning. There were no data releases in the Canadian economy while US PCE matched estimates and the Reuters/Michigan index came in on the soft side. In the opinion of Stephen Gallo, European Head FX Strategy at BMO, “ the 1.105-1.109 range should now provide some very good resistance over the near-term, and that resistance area may extend straight through to ADP and NFPs next week. A surprise easing from the ECB next week may also prevent USDCAD topside somewhat, by weighing on EURCAD”.
USD/CAD levels to consider
As of writing the pair is advancing 0.38% at 1.1072 with the next resistance at 1.1106 (high Mar.27) ahead of 1.1140 (Kijun) and finally 1.1170 (high Mar.26). On the downside, a breach of 1.1001 (low Mar.28) would open the door to 1.0962 (up TL from 1.0271).