Back
26 Jun 2013
USD/CAD stabilizes around 1.0480
Fxstreet.com (Edinburgh) - The Canadian dollar is gaining ground vs. its fellow neighbour on Wednesday, keeping the USD/CAD between 1.0460 and 1.0480 so far.
USD/CAD risk tilted to the downside
The pair is losing ground for the second consecutive session, correcting lower after the recent rally from sub 1.0200 levels to multi-months highs around 1.0560. In the view of G.More and S.Osborne, FX Strategists at TD Securities, the pair “is trading with a soft bias intraday and that is a bit of a concern after yesterday’s doji candle and the recent struggle for the market to make more obvious progress through resistance in the 1.0535 area. A weak close today may see downside risks increase a little near-term”.
USD/CAD key levels
As of writing, the pair is retreating 0.36% at 1.0478 and a breach of 1.0457 (low Jun.24) would open the door to 1.0421 (high May 29) and then 1.0395 (high Jun.20). On the flip side, resistance levels align at 1.0528 (high Jun.26) followed by 1.0556 (high Jun.24) and then 1.0573 (high Oct.5 2011).
USD/CAD risk tilted to the downside
The pair is losing ground for the second consecutive session, correcting lower after the recent rally from sub 1.0200 levels to multi-months highs around 1.0560. In the view of G.More and S.Osborne, FX Strategists at TD Securities, the pair “is trading with a soft bias intraday and that is a bit of a concern after yesterday’s doji candle and the recent struggle for the market to make more obvious progress through resistance in the 1.0535 area. A weak close today may see downside risks increase a little near-term”.
USD/CAD key levels
As of writing, the pair is retreating 0.36% at 1.0478 and a breach of 1.0457 (low Jun.24) would open the door to 1.0421 (high May 29) and then 1.0395 (high Jun.20). On the flip side, resistance levels align at 1.0528 (high Jun.26) followed by 1.0556 (high Jun.24) and then 1.0573 (high Oct.5 2011).