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25 Jun 2013
USD/CAD establishes fresh highs after US data
FXstreet.com (New York) - The USD/CAD foreign exchange rate surged to intraday highs Tuesday, buoyed by US economic data that has steadfastly crushed expectations.
USD/CAD previous resistance proves too much to summit
Following the recent jump, the USD/CAD is now establishing fresh highs at 1.0541, up a robust +0.33%. The Mataf.net analyst team calculates resistances ahead at 1.0547, then 1.0595, and ultimately 1.0633. A prolonged easing and eventual turn into negative territory will cause the pair to touch supports at 1.0461 and 1.0423.
USD/CAD trend momentum holds
According to the TD Securities Team, “The USD/CAD is consolidating the sharp move up seen over the past couple of sessions. We had expected corrections to remain limited to the upper 1.0400 area and—so far—that expectation has been borne out in a market that retains a very strong underlying bid tone. Trend momentum remains very strong across the short, medium and long-term studies. This remains a buy-on-dips market if the low 1.05 area holds today.”
In the United States, Consumer Confidence (June) came in at 81.4, beating a projection of 75.4. Moreover, New Home Sales (MoM) were reported at 0.476M in May, against expectations of 0.462M. Finally, the New Home Sales Change (MoM) grew +2.1% in May, compared with a figure of +2.3% previously.
USD/CAD previous resistance proves too much to summit
Following the recent jump, the USD/CAD is now establishing fresh highs at 1.0541, up a robust +0.33%. The Mataf.net analyst team calculates resistances ahead at 1.0547, then 1.0595, and ultimately 1.0633. A prolonged easing and eventual turn into negative territory will cause the pair to touch supports at 1.0461 and 1.0423.
USD/CAD trend momentum holds
According to the TD Securities Team, “The USD/CAD is consolidating the sharp move up seen over the past couple of sessions. We had expected corrections to remain limited to the upper 1.0400 area and—so far—that expectation has been borne out in a market that retains a very strong underlying bid tone. Trend momentum remains very strong across the short, medium and long-term studies. This remains a buy-on-dips market if the low 1.05 area holds today.”
In the United States, Consumer Confidence (June) came in at 81.4, beating a projection of 75.4. Moreover, New Home Sales (MoM) were reported at 0.476M in May, against expectations of 0.462M. Finally, the New Home Sales Change (MoM) grew +2.1% in May, compared with a figure of +2.3% previously.