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12 Aug 2013
USD/CAD holding steady 1.0300
FXstreet.com (Barcelona) - USD/CAD has been a quiet play this morning moving in relatively tight ranges between 20 pips above 1.0300.
Research teams at TD Securities said that the calendar for today is even emptier than the overnight session, which means more consolidation is likely the order of the day. “For the rest of the week, the Canadian data calendar remains quite thin, which should leave the focus for USD/CAD on the several US releases. The highlights include retail sales (Tues), CPI (Thurs), industrial production (Thurs), housing starts (Fri), and the U. Michigan confidence survey (Fri). From the Fed, we’ll hear from Lockhart (Tues) and Bullard (Wed)”.
USD/CAD on the charts
On the charts, they said, USD/CAD has traded higher from Friday’s low, leaving the late-July/early-August trading range firmly intact. “The pair’s failure to follow through on some of the bullish signals from early last week was a disappointment to USD/CAD bulls, and while price action is looking more neutral in the short and medium term perspective, our broader bias remains higher still as long as the 1.0250 support holds in the coming days”. They suggest that, on the topside, there is a little more room for movement with key resistance further away in the 1.0440/45 area. The 20 dma is 1.0332 , 50 dma is 1.0362 and 200 dma reads 1.0147. RSI (9) comes as 40.96. Spot is 1.0306 currently while resistances are 1.0350, 1.0405 1.0430 1.0445.
Research teams at TD Securities said that the calendar for today is even emptier than the overnight session, which means more consolidation is likely the order of the day. “For the rest of the week, the Canadian data calendar remains quite thin, which should leave the focus for USD/CAD on the several US releases. The highlights include retail sales (Tues), CPI (Thurs), industrial production (Thurs), housing starts (Fri), and the U. Michigan confidence survey (Fri). From the Fed, we’ll hear from Lockhart (Tues) and Bullard (Wed)”.
USD/CAD on the charts
On the charts, they said, USD/CAD has traded higher from Friday’s low, leaving the late-July/early-August trading range firmly intact. “The pair’s failure to follow through on some of the bullish signals from early last week was a disappointment to USD/CAD bulls, and while price action is looking more neutral in the short and medium term perspective, our broader bias remains higher still as long as the 1.0250 support holds in the coming days”. They suggest that, on the topside, there is a little more room for movement with key resistance further away in the 1.0440/45 area. The 20 dma is 1.0332 , 50 dma is 1.0362 and 200 dma reads 1.0147. RSI (9) comes as 40.96. Spot is 1.0306 currently while resistances are 1.0350, 1.0405 1.0430 1.0445.