5 Sep 2013
USD/CAD unable to secure grip on 1.0500 level
FXstreet.com (Lisbon) - The USD/CAD foreign exchange rate could not stabilize above the 1.0500 level Thursday, spending most of the session gripped in negativity.
In the United States, Initial Jobless Claims came in at 323K (August 30), against estimates of 330K.
USD/CAD strategic bias
According to the TD Securities Team, “The USD/CAD retains a heavy tone on the short-term charts but the impression remains that the market is consolidating recent gains, rather than reversing them. We still look for firm support in the mid/upper 1.04 area. If this support zone holds, we expect a quick-ish rebound and extension towards 1.0600/50 in the next few weeks.”
USD/CAD technical levels
The USD/CAD has moved back and forth though avoided any staunch declines today, a testament to the recent strength of the USD – at this juncture the pair is operating at 1.0484, incurring a fall of -0.08% during US trading. In terms of the technical levels, the USD/CAD is bolstered by supports at 1.0469, ahead of 1.0445, and 1.0402, notes the Danske Research team.
In the United States, Initial Jobless Claims came in at 323K (August 30), against estimates of 330K.
USD/CAD strategic bias
According to the TD Securities Team, “The USD/CAD retains a heavy tone on the short-term charts but the impression remains that the market is consolidating recent gains, rather than reversing them. We still look for firm support in the mid/upper 1.04 area. If this support zone holds, we expect a quick-ish rebound and extension towards 1.0600/50 in the next few weeks.”
USD/CAD technical levels
The USD/CAD has moved back and forth though avoided any staunch declines today, a testament to the recent strength of the USD – at this juncture the pair is operating at 1.0484, incurring a fall of -0.08% during US trading. In terms of the technical levels, the USD/CAD is bolstered by supports at 1.0469, ahead of 1.0445, and 1.0402, notes the Danske Research team.