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12 Jul 2013
USD/CAD maintains tight consolidation
FXstreet.com (New York) - The USD/CAD technical pair has remained gripped in a tight 45-pip consolidation (1.0355 – 1.0399) Friday, unable to overtake the 1.0400 level.
Technically speaking, the USD/CAD is trading at 1.0387, notching an advance of +0.19% thus far during US trading. The Mataf.net analyst team calculates resistance at 1.0435, onto 1.0490, and finally 1.0545.
Earlier today in the United States, the Producer Price Index (YoY) rose +2.5% in June, beating estimates of +2.1%. Moreover, the Producer Price Index (MoM) climbed +0.8% in June, exceeding expectations of +0.5%. Finally, the Producer Price Index ex Food & Energy (MoM and YoY) came in at +0.2% in June (vs. projections of +0.1%), and +1.7% in June (against a consensus of +1.6%) respectively.
USD/CAD strategic bias
According to the TD Securities Team, “For the USD/CAD, we think the next few days provides an opportunity to consolidate the recent softness. The rally in funds has certainly experienced a technical setback but the drop may not be fatal for the broader rally. Support in the low 1.03 area is holding and the outlook only turns outright negative below 1.0140, we think – above 1.0420/25 is ultimately bullish.”
Technically speaking, the USD/CAD is trading at 1.0387, notching an advance of +0.19% thus far during US trading. The Mataf.net analyst team calculates resistance at 1.0435, onto 1.0490, and finally 1.0545.
Earlier today in the United States, the Producer Price Index (YoY) rose +2.5% in June, beating estimates of +2.1%. Moreover, the Producer Price Index (MoM) climbed +0.8% in June, exceeding expectations of +0.5%. Finally, the Producer Price Index ex Food & Energy (MoM and YoY) came in at +0.2% in June (vs. projections of +0.1%), and +1.7% in June (against a consensus of +1.6%) respectively.
USD/CAD strategic bias
According to the TD Securities Team, “For the USD/CAD, we think the next few days provides an opportunity to consolidate the recent softness. The rally in funds has certainly experienced a technical setback but the drop may not be fatal for the broader rally. Support in the low 1.03 area is holding and the outlook only turns outright negative below 1.0140, we think – above 1.0420/25 is ultimately bullish.”