17 Jul 2014
USD/CAD bounces at 1.0730 and trades back at highs
FXStreet (San Francisco) - After falling around 25 pips from 1.0755, the USD/CAD found support at 1.0730 where the pair saw buying interest that launched it back to previous highs.
Currently, USD/CAD is trading at 1.0753, up 0.11% on the day, having posted a daily high at 1.0758 and low at 1.0724. USD/CAD spot is in neutral territory according to the hourly FXStreet OB/OS Index, while the FXStreet Trend Index is strongly bullish.
USD/CAD sentiment
In the opinion of Camilla Sutton from Scotiabank, “Wednesday’s Bank of Canada events have weighed on policy expectations, lowering domestic interest rates while narrowing the US-CA 2Y spread to its lowest level since late 2011 – a level that would typically be associated with much higher levels in USDCAD.”
If the pair manage to break above 1.0755, it would face next resistances at 1.0770 and 1.790. On the downside, supports are at 1.0730, 1.0725 and 1.0710.
Currently, USD/CAD is trading at 1.0753, up 0.11% on the day, having posted a daily high at 1.0758 and low at 1.0724. USD/CAD spot is in neutral territory according to the hourly FXStreet OB/OS Index, while the FXStreet Trend Index is strongly bullish.
USD/CAD sentiment
In the opinion of Camilla Sutton from Scotiabank, “Wednesday’s Bank of Canada events have weighed on policy expectations, lowering domestic interest rates while narrowing the US-CA 2Y spread to its lowest level since late 2011 – a level that would typically be associated with much higher levels in USDCAD.”
If the pair manage to break above 1.0755, it would face next resistances at 1.0770 and 1.790. On the downside, supports are at 1.0730, 1.0725 and 1.0710.