1 Jul 2013
USD/CAD steady at yearly highs
FXstreet.com (London) - With it being Canada day today, the pair are quietly waiting for action later on in the week.
The market is likely to pick up for the pair, if not before, when we get the Canadian and US employment Reports at the end of the week. Meanwhile, today there are some second tier data coming up for the US economy. ISM manufacturing in June is expected t have printed back above 50, suggesting that soft patch is coming to an end.
USD/CAD prime for a correction?
USD/CAD is close to recent highs, dragged there last week on the back of end of month demand for the USD. The pair failed to close above the top of ascending channel, which tells us there are the possibilities for a reversal within the channel, unless we get over this barrier to set course for 1.0600. Support to the downside comes in at 1.0425/1.0450 area and a break below these lows could take out stops and mean it could be a while before the top side is tested again. Momentum indicators are biased to the opinion of a reversal.
The market is likely to pick up for the pair, if not before, when we get the Canadian and US employment Reports at the end of the week. Meanwhile, today there are some second tier data coming up for the US economy. ISM manufacturing in June is expected t have printed back above 50, suggesting that soft patch is coming to an end.
USD/CAD prime for a correction?
USD/CAD is close to recent highs, dragged there last week on the back of end of month demand for the USD. The pair failed to close above the top of ascending channel, which tells us there are the possibilities for a reversal within the channel, unless we get over this barrier to set course for 1.0600. Support to the downside comes in at 1.0425/1.0450 area and a break below these lows could take out stops and mean it could be a while before the top side is tested again. Momentum indicators are biased to the opinion of a reversal.