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15 Jul 2013
USD/CAD remaining bid in London
FXstreet.com (London) - USD/CAD is remaining on the bid in the opening hours of the London session.
However, the range is likely to be capped ahead of BoC, Poloz’s first this Thursday. In addition, we will hear Bernanke testimony on Wednesday and until then a range of 1.3050-1.0450 is in the picture. offers are placed on the 1.0400 handle capping any further advancements from the 50% retracement of the June-July move at 1.0373. Today, we have US Retail Sales coming up in the afternoon. Canadian CPI will end up the week on Friday. All in all, a busy week ahead for the pair.
USD/CAD corrected in ascending channel
USD/CAD, in the longer term, is continuing to ascend in the channel although failed to maintain the top side since the FOMC. Danske Bank Technical Update is favouring the upside towards 200d ma at 1.0458 with key support around 50d ma at 1.0322/26 and below there 1.0269, 1.0240 and 1.0170. Resistances come as 1.0472, 1.0526, 1.0550 and 1.0609.
However, the range is likely to be capped ahead of BoC, Poloz’s first this Thursday. In addition, we will hear Bernanke testimony on Wednesday and until then a range of 1.3050-1.0450 is in the picture. offers are placed on the 1.0400 handle capping any further advancements from the 50% retracement of the June-July move at 1.0373. Today, we have US Retail Sales coming up in the afternoon. Canadian CPI will end up the week on Friday. All in all, a busy week ahead for the pair.
USD/CAD corrected in ascending channel
USD/CAD, in the longer term, is continuing to ascend in the channel although failed to maintain the top side since the FOMC. Danske Bank Technical Update is favouring the upside towards 200d ma at 1.0458 with key support around 50d ma at 1.0322/26 and below there 1.0269, 1.0240 and 1.0170. Resistances come as 1.0472, 1.0526, 1.0550 and 1.0609.