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Forex: USD/CAD enters fresh lows below 1.0051

FXstreet.com (Barcelona) - After stabilizing at 1.0070, the USD/CAD first rose to 1.0083 high ahead of the European opening before easing strongly after the German factory orders indicator that boosted risk sentiment throughout the FX market. The cross was able to breach below May-1 low at 1.0051 to register fresh lows since February, reaching 1.0036.

German factory orders in year-on-year basis dropped further, from -0.2% (revised from 0.0%) to -0.4%, but that came in better than the -2.9% expected. Details showed broad-based gains from the domestic side (+1.8%), as well as exports (ex-Germany EZ orders +4.2% and non-EZ orders +1.9%). Earlier, the French industrial output not only contracted as predicted, but fell by -0.9% instead of the market consensus of -0.3%.

“The USD/CAD continues to develop structure that is suggestive of further gains in the longer-term. Nearer-term a return to the 200 day moving average is anticipated from where a higher low may form for a retest of the 1.0342 high (01/03/2013)”, wrote MIG Bank analysts Bijoy Kar and Luc Luyet, suggesting a buy limit at 1.0003, with stop at 0.9927.

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