24 Jul 2013
USD/CAD in lows below 1.0300
FXstreet.com (Edinburgh) -The Canadian dollar continues its appreciation against the greenback on Wednesday, pushing the USD/CAD to the third straight week in red.
USD/CAD vulnerable to USD weakness
The recent unwind of extreme USD positioning after the more ‘accommodative’ tone from the Fed is behind the sharp pullback of the pair, falling from peaks beyond 1.0600 to the current area around 1.0275/80, or 5-week lows. Next on tap will be US Markit manufacturing PMI (unch at 51.9 exp.) followed by New Home Sales (485K exp.).
USD/CAD key levels
The pair is now losing 0.10% at 1.0277 with the immediate support at 1.0265 (up TL from May 9 low) followed by 1.0254 (daily cloud top) and finally 1.0218 (daily cloud base). On the flip side, a break above 1.0317 (61.8% of 1.0137-1.0609) would target 1.0355 (low Jul.17) en route to 1.0368 (high Jul.22).
USD/CAD vulnerable to USD weakness
The recent unwind of extreme USD positioning after the more ‘accommodative’ tone from the Fed is behind the sharp pullback of the pair, falling from peaks beyond 1.0600 to the current area around 1.0275/80, or 5-week lows. Next on tap will be US Markit manufacturing PMI (unch at 51.9 exp.) followed by New Home Sales (485K exp.).
USD/CAD key levels
The pair is now losing 0.10% at 1.0277 with the immediate support at 1.0265 (up TL from May 9 low) followed by 1.0254 (daily cloud top) and finally 1.0218 (daily cloud base). On the flip side, a break above 1.0317 (61.8% of 1.0137-1.0609) would target 1.0355 (low Jul.17) en route to 1.0368 (high Jul.22).