19 Jan 2015
USD/CAD in a narrow range near 1.1960
FXStreet (Edinburgh) - The greenback is now testing the lower bound of the intraday range vs. its fellow neighbor, sending USD/CAD to the area of 1.1960/55.
USD/CAD choppy below 1.2000
Quite a choppy session for the pair despite the inactivity in the US markets due to the MLK holiday, meandering between 1.1990 and 1.1950 so far. Data wise in Canada, International Transactions in Securities showed that Foreign Investment in Canadian securities shrunk to $4.3 billion in November vs. $9.5 billion registered in the previous month. Ahead in the week, manufacturing Shipments is due tomorrow followed by the key BoC meeting on Wednesday.
“Near-term, we spot resistance in the mid 1.20 area and firm support (pullback trend) at 1.1840. We still prefer to look at minor dips as a buying opportunity”, suggested analysts at TD Securities.
USD/CAD key levels
The pair is now retreating 0.07% at 1.1957 and a breakdown of 1.1922 (Tenkan Sen) would open the door to 1.1836 (low Jan.12) and then 1.1805 (low Jan.9). On the flip side, the initial hurdle aligns at 1.1982 (high Jan.19) ahead of 1.2047 (2015 high Jan.16) and finally 1.2070 (low Apr.24 2009).
USD/CAD choppy below 1.2000
Quite a choppy session for the pair despite the inactivity in the US markets due to the MLK holiday, meandering between 1.1990 and 1.1950 so far. Data wise in Canada, International Transactions in Securities showed that Foreign Investment in Canadian securities shrunk to $4.3 billion in November vs. $9.5 billion registered in the previous month. Ahead in the week, manufacturing Shipments is due tomorrow followed by the key BoC meeting on Wednesday.
“Near-term, we spot resistance in the mid 1.20 area and firm support (pullback trend) at 1.1840. We still prefer to look at minor dips as a buying opportunity”, suggested analysts at TD Securities.
USD/CAD key levels
The pair is now retreating 0.07% at 1.1957 and a breakdown of 1.1922 (Tenkan Sen) would open the door to 1.1836 (low Jan.12) and then 1.1805 (low Jan.9). On the flip side, the initial hurdle aligns at 1.1982 (high Jan.19) ahead of 1.2047 (2015 high Jan.16) and finally 1.2070 (low Apr.24 2009).