9 Oct 2013
USD/CAD flirting with 1.0400
FXstreet.com (Edinburgh) -The bullish momentum in the greenback is pushing the USD/CAD to the boundaries of the key resistance at the 1.0400 handle on Wednesday, ahead of the FOMC minutes due later.
USD/CAD bouncing off 1.0300
It seems the pair has convincingly broken the consolidation pattern around 1.0300 the figure, advancing for the third consecutive session and gaining more than a big figure so far, as market participants wait for the FOMC minutes. In the opinion of G.Moore and S.Osborne, FX Strategists at TD Securities, “after a long period of choppy trade around 1.03, the gains seen today should provide some impetus for a little more USD volatility. Upside potential extends to the low/mid 1.04s now (61.8% retracement of the 1.0560/1.0185 drop), with intraday support firm around 1.0325/50”.
USD/CAD levels to watch
The pair is now advancing 0.36% at 1.0406 with the next resistance at the low/mid 1.04 (61.8% of 1.0560-1.0185) and the initial support at 1.0325/50.
USD/CAD bouncing off 1.0300
It seems the pair has convincingly broken the consolidation pattern around 1.0300 the figure, advancing for the third consecutive session and gaining more than a big figure so far, as market participants wait for the FOMC minutes. In the opinion of G.Moore and S.Osborne, FX Strategists at TD Securities, “after a long period of choppy trade around 1.03, the gains seen today should provide some impetus for a little more USD volatility. Upside potential extends to the low/mid 1.04s now (61.8% retracement of the 1.0560/1.0185 drop), with intraday support firm around 1.0325/50”.
USD/CAD levels to watch
The pair is now advancing 0.36% at 1.0406 with the next resistance at the low/mid 1.04 (61.8% of 1.0560-1.0185) and the initial support at 1.0325/50.