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USD/CAD capped by 1.1000

FXStreet (Edinburgh) - The greenback keeps its buoyancy intact in the first half of the week, taking the USD/CAD to the very doorstep of the psychological handle at 1.1000.

USD/CAD firmer with the USD

The US dollar has accelerated its momentum since Monday, quickly leaving behind the 1.0900 barrier although a sustained breakout of the 1.1000 mark still remains elusive. Ahead in the day Canadian Housing Starts is due (195.5K exp.) ahead of the speech by Fed’s Tarullo. “On the charts, we think the short-term price signals indicate that the intraday high may already be in for the market. Hourly and 6-hour price signals are turning negative after the overnight push to 1.10—the scene of four pullbacks of varying scales through August. We spot support at 1.0930/40 intraday”, observed Shaun Osborne, Chief FX Strategist at TD Securities.

USD/CAD relevant levels

The pair is now advancing 0.05% at 1.0980 with the next resistance at 1.1007 (high May 2) followed by 1.1027 (61.8% of 1.1279-1.0620) and finally 1.1053 (high Apr.23). On the downside, a break below 1.0920 (30-d MA) would open the door to 1.0907 (Tenkan Sen) and then 1.0900 (10-d MA).

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