21 Nov 2013
USD/CAD advances beyond 1.0500
FXstreet.com (Edinburgh) - The USD keeps pushing higher against its fellow neighbour on Thursday, lifting the USD/CAD above the key 1.0500 handle.
USD/CAD up despite mixed data
The bid tone remains intact in the pair, climbing from the area of 1.0460 to weekly highs near 1.0520, despite the overall mixed results from the US docket, where Claims fell to 323K, Markit PMI improved to 54.3 and the Philly Fed manufacturing Survey dropped to 6.5. According to analysts at TD Securities, “Support in the low 1.04 zone has been solid in the past two weeks and provides a platform for more gains moving forward. We think a push through the low 1.05 area (for an extension through to the low 1.06 zone) is a matter of time and we continue to favour long USD positions”.
USD/CAD key levels
As of writing the pair is advancing 0.57% at 1.0507 with the next up barrier at 1.0526 (low Nov.14) followed by 1.0560 (high Sep.3) and then 1.0574 (high Jul.9). On the downside, a break below 1.0485 (high Nov.19) would expose 1.0416 (MA30d) and finally 1.0414 (low Nov.18).
USD/CAD up despite mixed data
The bid tone remains intact in the pair, climbing from the area of 1.0460 to weekly highs near 1.0520, despite the overall mixed results from the US docket, where Claims fell to 323K, Markit PMI improved to 54.3 and the Philly Fed manufacturing Survey dropped to 6.5. According to analysts at TD Securities, “Support in the low 1.04 zone has been solid in the past two weeks and provides a platform for more gains moving forward. We think a push through the low 1.05 area (for an extension through to the low 1.06 zone) is a matter of time and we continue to favour long USD positions”.
USD/CAD key levels
As of writing the pair is advancing 0.57% at 1.0507 with the next up barrier at 1.0526 (low Nov.14) followed by 1.0560 (high Sep.3) and then 1.0574 (high Jul.9). On the downside, a break below 1.0485 (high Nov.19) would expose 1.0416 (MA30d) and finally 1.0414 (low Nov.18).