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Sep 1, 2014
USD/CAD sidelined around 1.0870
FXStreet (Edinburgh) - The greenback is trading almost flat vs. the Canadian dollar on Monday, taking the USD/CAD to a narrow 1.0860/70 range.
USD/CAD focus on US manufacturing data
After hitting monthly lows near the 1.0800 handle last week, spot managed to pick up pace and retake the mid-1.0800s and beyond. The pair remains poised for further range bounding ahead in the session, amidst the inactivity in the US markets due to the Labour Day holiday. Next of relevance will be tomorrow’s Markit manufacturing PMI and the ISM manufacturing in the US economy. In the view of Shaun Osborne, Chief FX Strategist at TD Securities, “Spot is forming a nice triangle pattern on the 6-hour chart, above, which implies renewed softness on a clear push below 1.0845”.
USD/CAD levels to watch
The pair is now losing 0.16% at 1.0860 with the immediate support at 1.0829 (low Aug.27) ahead of 1.0796 (low Jul.29) and then 1.0764 (61.8% of 1.0620-1.0998). On the upside, a break above 1.0888 (200-d MA) would target 1.0921 (10-d MA) en route to 1.0956 (high Aug.27).
USD/CAD focus on US manufacturing data
After hitting monthly lows near the 1.0800 handle last week, spot managed to pick up pace and retake the mid-1.0800s and beyond. The pair remains poised for further range bounding ahead in the session, amidst the inactivity in the US markets due to the Labour Day holiday. Next of relevance will be tomorrow’s Markit manufacturing PMI and the ISM manufacturing in the US economy. In the view of Shaun Osborne, Chief FX Strategist at TD Securities, “Spot is forming a nice triangle pattern on the 6-hour chart, above, which implies renewed softness on a clear push below 1.0845”.
USD/CAD levels to watch
The pair is now losing 0.16% at 1.0860 with the immediate support at 1.0829 (low Aug.27) ahead of 1.0796 (low Jul.29) and then 1.0764 (61.8% of 1.0620-1.0998). On the upside, a break above 1.0888 (200-d MA) would target 1.0921 (10-d MA) en route to 1.0956 (high Aug.27).