30 Apr 2014
USD/CAD choppy around 1.0950
FXStreet (Edinburgh) - The USD/CAD is trading within a 30 pips range on Wednesday, keeping the trade between 1.0950 and 1.0980 so far.
USD/CAD looking to consolidate
Spot is now attempting a consolidation pattern after yesterday’s drop from the 1.1040 region ahead of the FOMC gathering due later. In the data front, Canadian GDP figures came in in line with consensus at 0.2% inter-month in February while the US print missed expectations at 0.1% vs. 1.2% forecasted. “USDCAD slipped a little below retracement support over the past 24 hours but losses below 1.0956 have been limited and price action subsequently looks constructive for funds, from a short-term point of view at least… Bullish “hammer” formations in the 6-hour charts still suggest the near-term likelihood of a squeeze up to the 1.10 area near term. We see solid support on short-term dips to 1.045/5 now”, commented Shaun Osborne, Chief FX Strategist at TD Securities.
USD/CAD levels to watch
The pair is now up 0.05% at 1.0950 facing the next resistance at 1.1014 (low Apr.25) ahead of 1.1053 (high Apr.23) and then 1.1069 (50% of 1.1279-1.0858). On the flip side, a breakdown of 1.0919 (low Apr.11) would expose 1.0868 (low Apr.10) and finally 1.0858 (low Apr.6).
USD/CAD looking to consolidate
Spot is now attempting a consolidation pattern after yesterday’s drop from the 1.1040 region ahead of the FOMC gathering due later. In the data front, Canadian GDP figures came in in line with consensus at 0.2% inter-month in February while the US print missed expectations at 0.1% vs. 1.2% forecasted. “USDCAD slipped a little below retracement support over the past 24 hours but losses below 1.0956 have been limited and price action subsequently looks constructive for funds, from a short-term point of view at least… Bullish “hammer” formations in the 6-hour charts still suggest the near-term likelihood of a squeeze up to the 1.10 area near term. We see solid support on short-term dips to 1.045/5 now”, commented Shaun Osborne, Chief FX Strategist at TD Securities.
USD/CAD levels to watch
The pair is now up 0.05% at 1.0950 facing the next resistance at 1.1014 (low Apr.25) ahead of 1.1053 (high Apr.23) and then 1.1069 (50% of 1.1279-1.0858). On the flip side, a breakdown of 1.0919 (low Apr.11) would expose 1.0868 (low Apr.10) and finally 1.0858 (low Apr.6).