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Sep 2, 2014
USD/CAD breaks above 1.0900
FXStreet (Edinburgh) - The greenback is confirming its momentum vs. its neighbour on Tuesday, lifting the USD/CAD beyond 1.0900 the figure.
USD/CAD eyes on US, CAD data
Markets are slowly returning to normalcy following yesterday’s inactivity due to the Labor Day. Ahead in the day, gauges of the manufacturing sector in both Canada and the US – PMI and ISM – are set to mark the pace of price action while spot is looking to consolidate the recent breakout of the key handle at 1.0900. “Technically, the heavy selling seen early last week still did a fair amount of damage to the broader picture—the weekly chart formed a bearish weekly reversal signal overall last week—but the strength of the bounce off the low Friday suggests no immediate pressure on the low 1.08 area for now”, signaled Shaun Osborne, Chief FX Strategist at TD Securities.
USD/CAD levels to watch
The pair is now advancing 0.38% at 1.0913 and a break above 1.0921 (10-d MA) would aim for 1.0956 (high Aug.27) and then 1.0998 (high Aug.26). On the flip side, the initial support lines up at 1.0857 (low Sep.1) ahead of 1.0810 (low Aug.29) and finally b1.0796 (low Jul.29).
USD/CAD eyes on US, CAD data
Markets are slowly returning to normalcy following yesterday’s inactivity due to the Labor Day. Ahead in the day, gauges of the manufacturing sector in both Canada and the US – PMI and ISM – are set to mark the pace of price action while spot is looking to consolidate the recent breakout of the key handle at 1.0900. “Technically, the heavy selling seen early last week still did a fair amount of damage to the broader picture—the weekly chart formed a bearish weekly reversal signal overall last week—but the strength of the bounce off the low Friday suggests no immediate pressure on the low 1.08 area for now”, signaled Shaun Osborne, Chief FX Strategist at TD Securities.
USD/CAD levels to watch
The pair is now advancing 0.38% at 1.0913 and a break above 1.0921 (10-d MA) would aim for 1.0956 (high Aug.27) and then 1.0998 (high Aug.26). On the flip side, the initial support lines up at 1.0857 (low Sep.1) ahead of 1.0810 (low Aug.29) and finally b1.0796 (low Jul.29).