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15 Aug 2013
USD/CAD entrenched at 1.0300, buy on dips
FXstreet.com (New York) - The USD/CAD foreign exchange rate has in a linear path Thursday, pointing lower and recently bottoming out at the 1.0300 level.
At this juncture, the USD/CAD is now navigating the region of 1.0308, en route to a staunch decline of -0.32% off its opening during US trading, Briefing the technicals, the USD/CAD is trading at support at 1.0309, ahead of 1.0287, and 1.0257, notes the Mataf.net analyst team.
USD/CAD strategic bias
According to Sean Callow, a Global FX Strategist at Westpac, “The USD/CAD remains firmly entrenched in a medium-term uptrend from Sep 2012. With the BoC on the sidelines and EM growth unlikely to accelerate dramatically beyond stabilization, the medium uptrend should extend well into 2014 – buy dips in USD/CAD if seen into 1.0250-1.0200.”
At this juncture, the USD/CAD is now navigating the region of 1.0308, en route to a staunch decline of -0.32% off its opening during US trading, Briefing the technicals, the USD/CAD is trading at support at 1.0309, ahead of 1.0287, and 1.0257, notes the Mataf.net analyst team.
USD/CAD strategic bias
According to Sean Callow, a Global FX Strategist at Westpac, “The USD/CAD remains firmly entrenched in a medium-term uptrend from Sep 2012. With the BoC on the sidelines and EM growth unlikely to accelerate dramatically beyond stabilization, the medium uptrend should extend well into 2014 – buy dips in USD/CAD if seen into 1.0250-1.0200.”