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19 Jun 2013
USD/CAD testing 1.0200 after Canadian wholesale sales
FXstreet.com (New York) - The USD/CAD technical pair drifted lower to session lows during US trading Wednesday. In Canada, Wholesale Sales (MoM) grew by +0.2% in April, against consensus expectations of +0.3%, and compared with a figure of +0.1% previously.
USD/CAD hinges on FOMC
“The USD/CAD made a little progress higher overnight, pushing up to a little shy of the 1.0250/80 area that we had thought was reachable. Consolidation is the order of the day now, given the event risk ahead. Meanwhile, support at 1.0200/10 (40-day MA at 1.0208) is under a little pressure in early dealing but we look for the USD to remain supported broadly if the Fed pushes a less dovish line.” suggests the TD Securities Team.
Technically speaking, the pair is operating at 1.0198, or -0.17% in these moments. The USD/CAD will look towards supports at 1.0188 followed by 1.0150, and finally 1.0124. Alternatively, a movement to the upside and a paring of losses will usher in resistances at 1.0252, then 1.0278, and eventually 1.0316, calculates the Mataf.net analyst team.
USD/CAD hinges on FOMC
“The USD/CAD made a little progress higher overnight, pushing up to a little shy of the 1.0250/80 area that we had thought was reachable. Consolidation is the order of the day now, given the event risk ahead. Meanwhile, support at 1.0200/10 (40-day MA at 1.0208) is under a little pressure in early dealing but we look for the USD to remain supported broadly if the Fed pushes a less dovish line.” suggests the TD Securities Team.
Technically speaking, the pair is operating at 1.0198, or -0.17% in these moments. The USD/CAD will look towards supports at 1.0188 followed by 1.0150, and finally 1.0124. Alternatively, a movement to the upside and a paring of losses will usher in resistances at 1.0252, then 1.0278, and eventually 1.0316, calculates the Mataf.net analyst team.