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May 8, 2013
Forex: USD/CAD trading at session lows after Canadian housing data
FXstreet.com (Barcelona) - The USD/CAD has recently touched intraday lows at 1.0037 Wednesday, after experiencing a tepid downturn throughout European trading. Indeed, two attempts at the upside – albeit ahead of an afternoon data release – were stonewalled at the 1.0060 region, culminating in a downturn to 1.0037/40 in these moments.
According to the TD Securities Team, “The USD/CAD retains a heavy tone, though the short-term patterns do suggest some bargain-hunting ahead of par (200-day MA at 0.9989). Above 1.0065/70 would lift funds modestly. We remain longer-term USD/CAD bulls and still prefer to look for chances to buy.”
In Canada, Housing Starts s.a. (YoY) were reported at 174.9K in April, against consensus expectations of 175K, and compared with a figure of 184K in the previous month.
Consistent with the calculations of the Mataf.net Technical Analyst Team, the USD/CAD is slated to face short-term resistance at 1.078, followed by 1.0104, and ultimately 1.0125. On the decline, a break below 1.0031 will trigger short-term supports for the USD/CAD at 1.0010, ahead of 0.9984.
According to the TD Securities Team, “The USD/CAD retains a heavy tone, though the short-term patterns do suggest some bargain-hunting ahead of par (200-day MA at 0.9989). Above 1.0065/70 would lift funds modestly. We remain longer-term USD/CAD bulls and still prefer to look for chances to buy.”
In Canada, Housing Starts s.a. (YoY) were reported at 174.9K in April, against consensus expectations of 175K, and compared with a figure of 184K in the previous month.
Consistent with the calculations of the Mataf.net Technical Analyst Team, the USD/CAD is slated to face short-term resistance at 1.078, followed by 1.0104, and ultimately 1.0125. On the decline, a break below 1.0031 will trigger short-term supports for the USD/CAD at 1.0010, ahead of 0.9984.