4 Nov 2014
USD/CAD hovering over 1.1400
FXStreet (Edinburgh) - The greenback is now looking to stabilize vs. the CAD, with USD/CAD gyrating around 1.1400 the figure.
USD/CAD in multi-year highs
The Canadian dollar continues to trade on the offered side during the first half of the week. Positive reading from September’s trade surplus in the Canadian economy did nothing to allay the bearish pressure stemming from the recent dovish appreciations by BoC’s S.Poloz and the current drop of the WTI to levels around $76.30/bbl, last seen in October 2011. In the view of Shaun Osborne, Chief FX Strategist at TD Securities, “short-term and daily charts continue to look bullish. Medium term, the charts suggest 1.18 is reachable over the next few months”.
USD/CAD levels to consider
As of writing the pair is advancing 0.37% at 1.1400 and a surpass of 1.1446 (pivot point Nov.4) would open the door to 1.1497 (day uptrend channel) and then 1.1500 (psychological level). On the other side, the immediate support lines up at 1.1340 (low Nov.4) followed by 1.1271 (Tenkan Sen) and finally 1.1264 (low Nov.3).
USD/CAD in multi-year highs
The Canadian dollar continues to trade on the offered side during the first half of the week. Positive reading from September’s trade surplus in the Canadian economy did nothing to allay the bearish pressure stemming from the recent dovish appreciations by BoC’s S.Poloz and the current drop of the WTI to levels around $76.30/bbl, last seen in October 2011. In the view of Shaun Osborne, Chief FX Strategist at TD Securities, “short-term and daily charts continue to look bullish. Medium term, the charts suggest 1.18 is reachable over the next few months”.
USD/CAD levels to consider
As of writing the pair is advancing 0.37% at 1.1400 and a surpass of 1.1446 (pivot point Nov.4) would open the door to 1.1497 (day uptrend channel) and then 1.1500 (psychological level). On the other side, the immediate support lines up at 1.1340 (low Nov.4) followed by 1.1271 (Tenkan Sen) and finally 1.1264 (low Nov.3).