30 Aug 2013
USD/CAD consolidating above 1.0500, data eyed
FXstreet.com (Edinburgh) -The CAD is trading almost unchanged against its neighbour on Friday, driving the USD/CAD around the 1,0530/35 area ahead of key Canadian data due later.
USD/CAD hinges on data
The Canadian GDP is due later, with market consensus expecting the economy to have expanded at an annual pace of 1.5% during the second quarter while contracting 0.5% inter-month during June. “The broader trend higher in USD/CAD remains well-entrenched from a trend point of view—even if progress seems to be faltering. Yesterday’s bull break from the early week consolidation (bull wedge) has held up but new, short-term cycle highs would be a plus to sustain the momentum… Stay bullish and look to buy dips”, recommended FX Strategists G.Moore and S.Osborne at TD Securities.
USD/CAD levels to watch
As of writing the pair is advancing 0.02% at 1.0536 with the next resistance at 1.0569 (high Aug.23) ahead of 1.0574 (high Jul.9) and then 1.0586 (high Jul.8). On the downside, a dip below 1.0476 (MA10d) would clear the way to 1.0471 (low Aug.22) and then 1.0393 (low Aug.21).
USD/CAD hinges on data
The Canadian GDP is due later, with market consensus expecting the economy to have expanded at an annual pace of 1.5% during the second quarter while contracting 0.5% inter-month during June. “The broader trend higher in USD/CAD remains well-entrenched from a trend point of view—even if progress seems to be faltering. Yesterday’s bull break from the early week consolidation (bull wedge) has held up but new, short-term cycle highs would be a plus to sustain the momentum… Stay bullish and look to buy dips”, recommended FX Strategists G.Moore and S.Osborne at TD Securities.
USD/CAD levels to watch
As of writing the pair is advancing 0.02% at 1.0536 with the next resistance at 1.0569 (high Aug.23) ahead of 1.0574 (high Jul.9) and then 1.0586 (high Jul.8). On the downside, a dip below 1.0476 (MA10d) would clear the way to 1.0471 (low Aug.22) and then 1.0393 (low Aug.21).