19 Jul 2013
USD/CAD around 1.0380 ahead of data
FXstreet.com (Edinburgh) -The Canadian dollar is trading flat on Friday, with the USD/CAD around 1.0380 ahead of key data from Canada.
USD/CAD netting a flat week
The pair is stabilizing around 1.0380-1.0400 after the steep decline in early July, falling from levels near 1.0600 to sub 1.0380. Ahead in the day consumer prices are due in the domestic docket, with consensus expecting the headline CPI to rise at an annual pace of 1.2% and the Core reading to follow suit at 1.3%. In the opinion of analysts at TD Securities, “The technical picture is mixed for USD/CAD in the short run. The market remains at some risk of a further pullback from the recent peaks “pattern-wise” as the consolidation since late last week remains in a bear flag/wedge formation”.
USD/CAD relevant levels
The pair is now up 0.04% at 1.0383 facing the next hurdle at 1.0445 (high Jul.17) followed by 1.0449 (high Jul.11) and then 1.0456 (Tenkan line). On the downside, a violation of 1.0355 (low Jul.17) would open the door to 1.0326 (low Jul.11) and then .0317 (61.8% of 1.0137-1.0609).
USD/CAD netting a flat week
The pair is stabilizing around 1.0380-1.0400 after the steep decline in early July, falling from levels near 1.0600 to sub 1.0380. Ahead in the day consumer prices are due in the domestic docket, with consensus expecting the headline CPI to rise at an annual pace of 1.2% and the Core reading to follow suit at 1.3%. In the opinion of analysts at TD Securities, “The technical picture is mixed for USD/CAD in the short run. The market remains at some risk of a further pullback from the recent peaks “pattern-wise” as the consolidation since late last week remains in a bear flag/wedge formation”.
USD/CAD relevant levels
The pair is now up 0.04% at 1.0383 facing the next hurdle at 1.0445 (high Jul.17) followed by 1.0449 (high Jul.11) and then 1.0456 (Tenkan line). On the downside, a violation of 1.0355 (low Jul.17) would open the door to 1.0326 (low Jul.11) and then .0317 (61.8% of 1.0137-1.0609).