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14 Jan 2015
USD/CAD deflates to 1.1950
FXStreet (Edinburgh) - The USD could not sustain the rebound beyond 1.2000 the figure, relegating USD/CAD to return to the 1.1950 area.
USD/CAD down with the dollar
The Fed’s Beige Book failed to ignite buying interest around the US dollar today, giving away most of the earlier advance to the 1.2000 neighbourhood. Without data releases in the Canadian economy for the rest of the week, the calendar in the US will be the main driver for the pair with Initial Claims and the Philly Fed Survey due tomorrow ahead of the more relevant CPI figures, Industrial Production and the Reuters/Michigan index on Friday. “We are biased to remain long USDCAD, until technicals shows signs of a turn. Support lies at
Monday’s open of 1.1863, while resistance lies at 1.2020 followed by 1.2100”, commented strategists at Scotiabank.
USD/CAD levels to watch
As of writing the pair is advancing 0.02% at 1.1955 and a break above 1.2017 (2015 high Jan.14) would open the door to 1.2070 (low Apr.24 2009) and finally 1.2100 (psychological level). On the downside, the next support aligns at 1.1843 (10-d MA) ahead of 1.1836 (low Jan.12) and then 1.1805 (low Jan.9).
USD/CAD down with the dollar
The Fed’s Beige Book failed to ignite buying interest around the US dollar today, giving away most of the earlier advance to the 1.2000 neighbourhood. Without data releases in the Canadian economy for the rest of the week, the calendar in the US will be the main driver for the pair with Initial Claims and the Philly Fed Survey due tomorrow ahead of the more relevant CPI figures, Industrial Production and the Reuters/Michigan index on Friday. “We are biased to remain long USDCAD, until technicals shows signs of a turn. Support lies at
Monday’s open of 1.1863, while resistance lies at 1.2020 followed by 1.2100”, commented strategists at Scotiabank.
USD/CAD levels to watch
As of writing the pair is advancing 0.02% at 1.1955 and a break above 1.2017 (2015 high Jan.14) would open the door to 1.2070 (low Apr.24 2009) and finally 1.2100 (psychological level). On the downside, the next support aligns at 1.1843 (10-d MA) ahead of 1.1836 (low Jan.12) and then 1.1805 (low Jan.9).