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17 Feb 2014
USD/CAD bounces off 1.0950
FXStreet (Edinburgh) - The USD/CAD seems to have found decent support in the mid 1.09s so far, although the bull intent stalled near 1.0970.
USD/CAD extends the correction
Thin trade dominates the pair today due to the President’s Day in the US and empty docket in Canada. However, CAD traders would be closely watching the BoC Review, Retail Sales and inflation figures in the second half of the week. According to Shaun Osborne, Chief FX Strategist at TD Securities, “We think we are getting very close to the buy zone for USDCAD. Minor, additional dips in funds from current levels are an attractive entry point for establishing/re-establishing USD longs. We recommend buying USDCAD at 1.0900, risking 1.0790 and targeting 1.1250 (though we may revise the target higher)”.
USD/CAD relevant levels
The pair is now losing 0.17% at 1.0965 with the immediate support at 1.0942 (low Jan.21 ) followed by 1.0930 (low Jan.20) and then 1.0926 (low Jan.17). On the upside, a break above 10.983 (high Feb.14) would open the door to 1.1026 (high Feb.13) and finally 1.0135 (Tenkan Sen line).
USD/CAD extends the correction
Thin trade dominates the pair today due to the President’s Day in the US and empty docket in Canada. However, CAD traders would be closely watching the BoC Review, Retail Sales and inflation figures in the second half of the week. According to Shaun Osborne, Chief FX Strategist at TD Securities, “We think we are getting very close to the buy zone for USDCAD. Minor, additional dips in funds from current levels are an attractive entry point for establishing/re-establishing USD longs. We recommend buying USDCAD at 1.0900, risking 1.0790 and targeting 1.1250 (though we may revise the target higher)”.
USD/CAD relevant levels
The pair is now losing 0.17% at 1.0965 with the immediate support at 1.0942 (low Jan.21 ) followed by 1.0930 (low Jan.20) and then 1.0926 (low Jan.17). On the upside, a break above 10.983 (high Feb.14) would open the door to 1.1026 (high Feb.13) and finally 1.0135 (Tenkan Sen line).