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21 May 2013
USD/CAD retraces from 1.0320
FXstreet.com (Barcelona) - After dipping to fresh lows against the buck above 1.0320, the Canadian dollar initiated a correction lower to the current area of 1.0260/65, as the USD rally is losing momentum.
Camilla Sutton, Strategist at Scotiabank, remains bullish on the cross, adding, “Spot is well above short and medium-term moving averages, and another run above 1.0300 appears likely. Recent highs in USDCAD have exceeded those seen in mid-April, opening up the risk of a run to the March 1st high at 1.0342”.
At the moment, the cross is up 0.17% at 1.0257 with the next resistance at 1.0313 (high May 17) followed by 1.0315 (high Mar.8) and then 1.0343 (2013 high Mar.1).
On the downside, a dip beyond 1.0217 (low May 20) would expose 1.0181 (low May 17) and then 1.0164 (MA10d).
Camilla Sutton, Strategist at Scotiabank, remains bullish on the cross, adding, “Spot is well above short and medium-term moving averages, and another run above 1.0300 appears likely. Recent highs in USDCAD have exceeded those seen in mid-April, opening up the risk of a run to the March 1st high at 1.0342”.
At the moment, the cross is up 0.17% at 1.0257 with the next resistance at 1.0313 (high May 17) followed by 1.0315 (high Mar.8) and then 1.0343 (2013 high Mar.1).
On the downside, a dip beyond 1.0217 (low May 20) would expose 1.0181 (low May 17) and then 1.0164 (MA10d).