23 Sep 2013
USD/CAD consolidates below 1.0300
FXstreet.com (Edinburgh) -The greenback continues to trade on the softer tone on Monday, dragging the USD/CAD to sub-1.0300 levels after poor manufacturing data in the US economy.
USD/CAD looks to stabilize around 1.0300
After dipping to the 1.0200 region post-FOMC meeting, the pair gathered steam and regained the 1.0300 handle. However, the pair is again losing the grip and sliding back below the key level. “After fully retracing the post-FOMC losses by the end of last week, USD/CAD has consolidated in a narrow range overnight. Fundamentally, tomorrow’s Canadian retail sales release is the next key domestic event on the calendar, although Fed speakers today and throughout the week are likely the more relevant issue for the currency pair. Technically, USD/CAD remains somewhat oversold still and the 100– and 200-day moving averages could be a magnet for a further stretch higher toward 1.0350/75.
USD/CAD critical levels
The pair is now losing 0.17% at 1.0286 with the immediate support at 1.028 (MA200d) followed by 1.0182 (low Sep.19) and finally 1.0170 (low Jun.19). On the flip side, a break above 1.0305 (MA10d)) would expose 1.0312 (high Sep.20) and then 1.0334 (high Sep.17).
USD/CAD looks to stabilize around 1.0300
After dipping to the 1.0200 region post-FOMC meeting, the pair gathered steam and regained the 1.0300 handle. However, the pair is again losing the grip and sliding back below the key level. “After fully retracing the post-FOMC losses by the end of last week, USD/CAD has consolidated in a narrow range overnight. Fundamentally, tomorrow’s Canadian retail sales release is the next key domestic event on the calendar, although Fed speakers today and throughout the week are likely the more relevant issue for the currency pair. Technically, USD/CAD remains somewhat oversold still and the 100– and 200-day moving averages could be a magnet for a further stretch higher toward 1.0350/75.
USD/CAD critical levels
The pair is now losing 0.17% at 1.0286 with the immediate support at 1.028 (MA200d) followed by 1.0182 (low Sep.19) and finally 1.0170 (low Jun.19). On the flip side, a break above 1.0305 (MA10d)) would expose 1.0312 (high Sep.20) and then 1.0334 (high Sep.17).