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Forex: USD/CAD erasing weekly gains, low at 1.0231

FXstreet.com (Barcelona) - Yesterday, the USD/CAD peaked just below the 1.0300 psychological level, printing a one-month high at 1.0294, and now it is erasing more of those gains today, reaching as low as 1.0231, currently at 1.0243 (-0.21% on the day).

“Today we have weekly jobless claims as well as the Philly Fed index for April, where markets are looking for a relatively steady reading of 3.0, which would be better than the 6pt drop we saw in the Empire Fed index earlier this week”, wrote TD Securities analysts, pointing also to the outgoing Bank of Canada Governor Carney on-stage interview at the National Press Club in Washington DC today.

“In the medium-term, the break of the resistance at 1.0236 (05/04/2013 high) opens the way for a new test of the previous highs at 1.0342 (01/03/2013 high)”, wrote MIG Bank analysts Bijoy Kar and Luc Luyet, adding that the extreme short CAD market positioning suggests that the next significant medium-term move is likely to be to the downside.

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