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20 May 2013
USD/CAD: funds well supported
FXstreet.com (London) - On a quiet morning European session, funds has remained well supported above 1.0260 after softer CPI prints on Friday. The pair faced selling pressures slightly above 1.0300 the figure from corporate offers and profit taking when the pair had been approaching the key resistance of the ascending channel around 1.0339.
The week ahead offers a variety of economic data, and pace is expected to pick up. Specifically focus will be on Wednesday with Canadian March Retail sales and FED minutes where the market has been pricing in comments with regards to ending the QE cycle by buying the dollar in advance. Any comments towards those tones diminishing for an ending of the cycle could offer a big set back to the pair. Resistance comes in at 1.0343 (Q1 2013 high), 1.04 and the 2012 high at 1.0446 above support 1.0140.
The week ahead offers a variety of economic data, and pace is expected to pick up. Specifically focus will be on Wednesday with Canadian March Retail sales and FED minutes where the market has been pricing in comments with regards to ending the QE cycle by buying the dollar in advance. Any comments towards those tones diminishing for an ending of the cycle could offer a big set back to the pair. Resistance comes in at 1.0343 (Q1 2013 high), 1.04 and the 2012 high at 1.0446 above support 1.0140.