Back
10 Feb 2014
USD/CAD supported at 1.1000
FXStreet (Edinburgh) - The USD/CAD is extending its correction from multi-year peaks beyond 1.1200 in late January, easing to the mid 1.10s.
USD/CAD found support at 1.10
However, the pair managed to recover ground after bottoming out around 1.0970 on disappointing Payrolls during January, with investors now shifting their focus on Yellen’s testimony tomorrow and Thursday. “We will not be too hasty in calling time on the correction lower though… Back through 1.1075/80 would be a more important, positive near-term step for USDCAD. For now, we still lean a bit more negatively on the outlook here”, suggested Shaun Osborne, Chief FX Strategist at TD Securities.
USD/CAD relevant levels
As of writing the pair is up 0.11% at 1.1051 with the next resistance at 1.1115 (10-d MA) ahead of 1.1124 (high Feb.4) and then 1.1135 (high Feb.3). On the flip side, a breakdown of 1.1037 (low Feb.5) would open the door to 1.1031 (low Jan.27) and finally 1.0942 (low Jan.21).
USD/CAD found support at 1.10
However, the pair managed to recover ground after bottoming out around 1.0970 on disappointing Payrolls during January, with investors now shifting their focus on Yellen’s testimony tomorrow and Thursday. “We will not be too hasty in calling time on the correction lower though… Back through 1.1075/80 would be a more important, positive near-term step for USDCAD. For now, we still lean a bit more negatively on the outlook here”, suggested Shaun Osborne, Chief FX Strategist at TD Securities.
USD/CAD relevant levels
As of writing the pair is up 0.11% at 1.1051 with the next resistance at 1.1115 (10-d MA) ahead of 1.1124 (high Feb.4) and then 1.1135 (high Feb.3). On the flip side, a breakdown of 1.1037 (low Feb.5) would open the door to 1.1031 (low Jan.27) and finally 1.0942 (low Jan.21).