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17 Jun 2013
USD/CAD in highs around 1.0200
FXstreet.com (Edinburgh) - The bullish momentum surrounding the greenback is intensifying on Monday, lifting the USD/CAD to fresh highs in the vicinity of the key level at 1.0200.
US docket bolstering the USD/CAD
Better results from the Empire State manufacturing index and the Housing Market index sponsored by NAHB would be behind today’s USD strength. Strategists G.Moore and S.Osborne at TD Securities commented that the pair “continues to hold around the retracement support zone on the daily chart that has acted as something of an anchor at least over the past week. The market slipped to a marginal new low for the move down Friday but we still think the heaviestselling pressure might have been seen Thursday. Oscillators suggest the USD is starting to look oversold short-term now”.
USD/CAD levels to watch
As of writing, the pair is advancing 0.18% at 1.0193 and a break above 1.0227 (high Jun.13) would target 1.0233 (MA10d) and then 1.0280 (MA21d). On the downside, support levels align at 1.0137 (low Jun.14) ahead of 1.0090 (low May 14) and finally 1.0064 (low May 10).
US docket bolstering the USD/CAD
Better results from the Empire State manufacturing index and the Housing Market index sponsored by NAHB would be behind today’s USD strength. Strategists G.Moore and S.Osborne at TD Securities commented that the pair “continues to hold around the retracement support zone on the daily chart that has acted as something of an anchor at least over the past week. The market slipped to a marginal new low for the move down Friday but we still think the heaviestselling pressure might have been seen Thursday. Oscillators suggest the USD is starting to look oversold short-term now”.
USD/CAD levels to watch
As of writing, the pair is advancing 0.18% at 1.0193 and a break above 1.0227 (high Jun.13) would target 1.0233 (MA10d) and then 1.0280 (MA21d). On the downside, support levels align at 1.0137 (low Jun.14) ahead of 1.0090 (low May 14) and finally 1.0064 (low May 10).