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14 Nov 2013
USD/CAD deflates to 1.0470
FXstreet.com (Edinburgh) - The Yellen-induced decline in the USD seems to have found support around 1.0470 on Thursday, with buyers now pushing the USD/CAD back to the 1.0480/85 region.
USD/CAD lower on Yellen, data
The pair’s earlier upside run out of legs beyond 1.0520 after softer US data combined with a dovish tone from Yellen’s testimony and better Canadian trade results. Strategists G.Moore and S.Osborne at TD Securities commented, “A sustained push through resistance at 1.0504 should facilitate the next leg up in funds—essentially retesting the highs seen earlier in the year. Above 1.0510/20, the next 100 pips higher in USD/CAD should come fairly quickly, we think”.
USD/CAD key levels
The pair is now up 0.19% at 1.0481 with the next resistance at 1.0509 (high Nov.12) followed by 1.0516 (high Sep.5) and then 1.0560 (high Sep.3). On the flip side, a break below 1.0455 (low Nov.13) would aim for 1.0454 (50% of 1.0398-1.0509) and then 1.0453 (MA10d).
USD/CAD lower on Yellen, data
The pair’s earlier upside run out of legs beyond 1.0520 after softer US data combined with a dovish tone from Yellen’s testimony and better Canadian trade results. Strategists G.Moore and S.Osborne at TD Securities commented, “A sustained push through resistance at 1.0504 should facilitate the next leg up in funds—essentially retesting the highs seen earlier in the year. Above 1.0510/20, the next 100 pips higher in USD/CAD should come fairly quickly, we think”.
USD/CAD key levels
The pair is now up 0.19% at 1.0481 with the next resistance at 1.0509 (high Nov.12) followed by 1.0516 (high Sep.5) and then 1.0560 (high Sep.3). On the flip side, a break below 1.0455 (low Nov.13) would aim for 1.0454 (50% of 1.0398-1.0509) and then 1.0453 (MA10d).