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19 Aug 2013
USD/CAD attempts a run to highs
FXstreet.com (Edinburgh) -The USD is gathering pace again, lifting the USD/CAD to another test of session peaks in the vicinity of 1.0340 on Monday.
USD/CAD eyes on FOMC
The greenback will be in centre stage in the upcoming sessions, as the FOMC minutes are due on Wednesday and the Jackson Hole Symposium on Thursday, both being the main events of the week. According to strategists at TD Securities, “Neither the daily nor the weekly charts are providing strong directional signals at present which leaves the market vulnerable to somewhat random movement between support and resistance points in the next few days. Daily support in the upper 1.02 area has firmed up over the past week… Key resistance remains 1.0425/45”.
USD/CAD levels to consider
The pair is now losing 0.07% at 1.0335 with the immediate support at 1.0292 (low Aug.6) followed by 1.0275 (low Aug.9) and finally 1.0245 (low Jul.31). On the upside, a breakout of 1.0360 (high Aug.16) would open the door to 1.0364 (high Aug.15) and then 1.0370 (high Aug.14).
USD/CAD eyes on FOMC
The greenback will be in centre stage in the upcoming sessions, as the FOMC minutes are due on Wednesday and the Jackson Hole Symposium on Thursday, both being the main events of the week. According to strategists at TD Securities, “Neither the daily nor the weekly charts are providing strong directional signals at present which leaves the market vulnerable to somewhat random movement between support and resistance points in the next few days. Daily support in the upper 1.02 area has firmed up over the past week… Key resistance remains 1.0425/45”.
USD/CAD levels to consider
The pair is now losing 0.07% at 1.0335 with the immediate support at 1.0292 (low Aug.6) followed by 1.0275 (low Aug.9) and finally 1.0245 (low Jul.31). On the upside, a breakout of 1.0360 (high Aug.16) would open the door to 1.0364 (high Aug.15) and then 1.0370 (high Aug.14).