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12 Jun 2013
USD/CAD consolidating below 1.0200
FXstreet.com (Barcelona) - The USD/CAD breached the key support at 1.0200 on Wednesday, leaving behind the overnight upside attempt to the area of 1.0220/25.
US dollar main driver for USD/CAD
There is no docket in the US and Canada today, although market participants would remain focused on the greenback via the ongoing chatter around the next steps by the Fed. Currency Analyst I.Spivak at DailyFX commented, “Prices declined as expected after putting in a bearish Dark Cloud Cover candlestick patter below the 1.040 figure. The pair is now mounting a recovery from support at 1.0168, the 61.8% Fibonacci retracement, to test above the 50% level at 1.0216. A confirmed break above that eyes the 38.2% at 1.0264. Alternatively, a move below support exposes the 76.4% at 1.0109”.
USD/CAD key levels
The pair is now losing 0.10% at 1.0178 facing the next support at 1.0169 (61.8% of 1.0014-1.0421) followed by 1.0166 (low Jun.7) and then 1.0149 (low May 16). On the flip side, a breakout of 1.0264 (MA10d) would expose 1.0280 (MA21d) and finally 1.0288 (high Jun.7).
US dollar main driver for USD/CAD
There is no docket in the US and Canada today, although market participants would remain focused on the greenback via the ongoing chatter around the next steps by the Fed. Currency Analyst I.Spivak at DailyFX commented, “Prices declined as expected after putting in a bearish Dark Cloud Cover candlestick patter below the 1.040 figure. The pair is now mounting a recovery from support at 1.0168, the 61.8% Fibonacci retracement, to test above the 50% level at 1.0216. A confirmed break above that eyes the 38.2% at 1.0264. Alternatively, a move below support exposes the 76.4% at 1.0109”.
USD/CAD key levels
The pair is now losing 0.10% at 1.0178 facing the next support at 1.0169 (61.8% of 1.0014-1.0421) followed by 1.0166 (low Jun.7) and then 1.0149 (low May 16). On the flip side, a breakout of 1.0264 (MA10d) would expose 1.0280 (MA21d) and finally 1.0288 (high Jun.7).