Back
4 Jun 2014
USD/CAD tests 1.0950 after BoC decision and US data
FXStreet (San Francisco) - The US dollar is trading higher against its Canadian counterpart following the BoC decision to maintain unchanged its interest rate at 1.0% plus the better than expected ISM non-manufacturing data in US.
After rising 35 pips from 1.0915, the USD/CAD is now testing highs since May 6 at 1.0950. Currently, USD/CAD is trading at 1.0939, up 0.31% on the day, having posted a daily high at 1.0954 and low at 1.0904.
USD/CAD spot is in neutral territory according to the hourly FXStreet OB/OS Index, while the FXStreet Trend Index is slightly bearish.
USD/CAD levels
Next resistance at 1.0962 (61.8% of 1.1053-1.0814) ahead of 1.1001 (21-w MA) and then 1.1014 (low Apr.25). On the flip side, a breakdown of 1.0814 (low May 8) would target 1.0762 (low Jan.8) en route to 1.0737 (high Dec.20).
After rising 35 pips from 1.0915, the USD/CAD is now testing highs since May 6 at 1.0950. Currently, USD/CAD is trading at 1.0939, up 0.31% on the day, having posted a daily high at 1.0954 and low at 1.0904.
USD/CAD spot is in neutral territory according to the hourly FXStreet OB/OS Index, while the FXStreet Trend Index is slightly bearish.
USD/CAD levels
Next resistance at 1.0962 (61.8% of 1.1053-1.0814) ahead of 1.1001 (21-w MA) and then 1.1014 (low Apr.25). On the flip side, a breakdown of 1.0814 (low May 8) would target 1.0762 (low Jan.8) en route to 1.0737 (high Dec.20).