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2 Jun 2014
USD/CAD hits 1.0900
FXStreet (Edinburgh) - The greenback is now picking up pace vs. its Canadian counterpart on Monday, lifting the USD/CAD to post multi-day highs around 1.0900 the figure.
USD/CAD in 2-week highs
The pair managed to leave behind the overnight consolidation around 1.0840 to briefly climb above the 1.0900 handle after mixed data from the US docket: Markit manufacturing PMI surprised investors to the upside in May (56.4 act. vs. 55.5 exp.) while the ISM Manufacturing dropped to 53.2 vs. 55.4 forecasted. “The pair has struggled to sustain upward momentum away from the trend line resistance-turned-support drawn off of the March peak. Gains above 1.0868 would open up a run into 1.0940/50; conversely, a break below 1.0819 would enable a slide towards 1.0750”, commented Shaun Osborne, Chief FX Strategist at TD Securities.
USD/CAD key levels
At the moment the pair is up 0.45% at 1.0895 and a break above 1.0942 (high May 21) ahead of 1.0962 (61.8% of 1.1053-1.0814) and finally 1.1001 (21-w MA). On the flip side, the initial support lines up at 1.0814 (low May 8) ahead of 1.0762 (low Jan.8) and then 1.0737 (high Dec.20).
USD/CAD in 2-week highs
The pair managed to leave behind the overnight consolidation around 1.0840 to briefly climb above the 1.0900 handle after mixed data from the US docket: Markit manufacturing PMI surprised investors to the upside in May (56.4 act. vs. 55.5 exp.) while the ISM Manufacturing dropped to 53.2 vs. 55.4 forecasted. “The pair has struggled to sustain upward momentum away from the trend line resistance-turned-support drawn off of the March peak. Gains above 1.0868 would open up a run into 1.0940/50; conversely, a break below 1.0819 would enable a slide towards 1.0750”, commented Shaun Osborne, Chief FX Strategist at TD Securities.
USD/CAD key levels
At the moment the pair is up 0.45% at 1.0895 and a break above 1.0942 (high May 21) ahead of 1.0962 (61.8% of 1.1053-1.0814) and finally 1.1001 (21-w MA). On the flip side, the initial support lines up at 1.0814 (low May 8) ahead of 1.0762 (low Jan.8) and then 1.0737 (high Dec.20).