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14 Jun 2013
USD/CAD bounces into positive territory on PPI in US
FXstreet.com (New York) - The USD/CAD foreign exchange rate rebounded and jumped into positive territory Friday, following the release of economic data in the US.
USD/CAD mounts comeback after upbeat US data
In the United States, the Producer Price Index (YoY) rose +1.7% in May, beating a consensus of +1.4%. Moreover, the Producer Price Index ex Food & Energy (YoY) came in at +1.7% in May, exceeding projections of +1.4%. Finally, the Current Account (Q1) yielded a figure of $-106.1B, vs. estimates of $-109.7B.
USD/CAD downside move expected amidst stabilization below 1.0215
According to the TD Securities Team, “The USD/CAD achieved a four-hour closing below the 1.0165 figure yesterday, and despite moving to the upside today we think that stabilizing below 1.0215 will keep the negative possibility for now. In addition, linear regression indicators are negative and RSI is trading below line 50 forcing us to suggest a downside move today.”
Following the easing today, the USD/CAD is trading positively threshold at 1.0180, or +0.20% at the time of writing. Consistent with the calculations of the Mataf.net analyst team, the USD/CAD will face calculated short-term supports at 1.0139, then 1.0103 and finally 1.0060. Alternatively, resistances will be seen higher at 1.0218, onto 1.0261, and 1.0297.
USD/CAD mounts comeback after upbeat US data
In the United States, the Producer Price Index (YoY) rose +1.7% in May, beating a consensus of +1.4%. Moreover, the Producer Price Index ex Food & Energy (YoY) came in at +1.7% in May, exceeding projections of +1.4%. Finally, the Current Account (Q1) yielded a figure of $-106.1B, vs. estimates of $-109.7B.
USD/CAD downside move expected amidst stabilization below 1.0215
According to the TD Securities Team, “The USD/CAD achieved a four-hour closing below the 1.0165 figure yesterday, and despite moving to the upside today we think that stabilizing below 1.0215 will keep the negative possibility for now. In addition, linear regression indicators are negative and RSI is trading below line 50 forcing us to suggest a downside move today.”
Following the easing today, the USD/CAD is trading positively threshold at 1.0180, or +0.20% at the time of writing. Consistent with the calculations of the Mataf.net analyst team, the USD/CAD will face calculated short-term supports at 1.0139, then 1.0103 and finally 1.0060. Alternatively, resistances will be seen higher at 1.0218, onto 1.0261, and 1.0297.