3 Jul 2013
USD/CAD finds support at 1.0520
Fxstreet.com (Edinburgh) - After dipping to the area of 1.0520, the USD/CAD found some oxygen and is now attempting a bounce to the region of 1.0550, as the greenback is picking up pace again.
USD/CAD keeps the upside bias
The pair is advancing for the third consecutive week, climbing from the area of 1.0140 to the current levels around 1.0540, last seen in early October 2011. According to analysts at BBH, “USD/CAD made a new cycle high Tuesday near 1.0580 and appears ready to build on that. High from October 2011 near 1.0660 is the next target, followed by the 2010 high near 1.0850”.
USD/CAD critical levels
As of writing the pair is down 0.05% at 1.0540 with the immediate support at 1.0496 (low Jul.2) ahead of 1.0487 (low Jul.1) and finally 1.0465 (MA10d). On the upside, a surpass of 1.0578 (high Jul.2) would target 1.0600 (psychological level) en route to 1.0658 (high Oct.4 2011).
USD/CAD keeps the upside bias
The pair is advancing for the third consecutive week, climbing from the area of 1.0140 to the current levels around 1.0540, last seen in early October 2011. According to analysts at BBH, “USD/CAD made a new cycle high Tuesday near 1.0580 and appears ready to build on that. High from October 2011 near 1.0660 is the next target, followed by the 2010 high near 1.0850”.
USD/CAD critical levels
As of writing the pair is down 0.05% at 1.0540 with the immediate support at 1.0496 (low Jul.2) ahead of 1.0487 (low Jul.1) and finally 1.0465 (MA10d). On the upside, a surpass of 1.0578 (high Jul.2) would target 1.0600 (psychological level) en route to 1.0658 (high Oct.4 2011).