6 May 2014
USD/CAD testing lows near 1.0900
FXStreet (Edinburgh) - The greenback keeps losing ground across the board on Tuesday, now pushing the USD/CAD to challenge session lows near the 1.0900 handle.
USD/CAD weaker following the USD
Better trade data in the US economy, with the trade deficit decreasing to $40.38 billion in March (although a tad higher than forecasts) did little to add buying interest to the greenback, keeping the trade in session lows around 1.0910. Canadian exports and imports improved during March, although the trade surplus shrunk to $0.08 billion from $0.085 billion. “With a firm base in place at 1.0860, from a technical point of view, we rather think that risk/reward considerations favor USDCAD longs from current—or very near—levels”, observed Shaun Osborne, Chief FX Strategist at TD Securities.
USD/CAD key levels
As of writing the pair is down 0.39% at 1.0912 with the next support at 1.0686 (low Apr.10) ahead of 1.0858 (low Apr.9). On the flip side, a breakout of 1.1007 (high May 2) would open the door to 1.1014 (low Apr.25) and finally 1.1053 (high Apr.23).
USD/CAD weaker following the USD
Better trade data in the US economy, with the trade deficit decreasing to $40.38 billion in March (although a tad higher than forecasts) did little to add buying interest to the greenback, keeping the trade in session lows around 1.0910. Canadian exports and imports improved during March, although the trade surplus shrunk to $0.08 billion from $0.085 billion. “With a firm base in place at 1.0860, from a technical point of view, we rather think that risk/reward considerations favor USDCAD longs from current—or very near—levels”, observed Shaun Osborne, Chief FX Strategist at TD Securities.
USD/CAD key levels
As of writing the pair is down 0.39% at 1.0912 with the next support at 1.0686 (low Apr.10) ahead of 1.0858 (low Apr.9). On the flip side, a breakout of 1.1007 (high May 2) would open the door to 1.1014 (low Apr.25) and finally 1.1053 (high Apr.23).