USD/CAD stabilizing above 1.0400 region The USD/CAD foreign exchange rate has remained buoyant above the 1.0400 level Thursday, still remaining in positive territory during US trading, albeit in a narrow consolidation. Presently, the USD/CAD is now navigating the area of 1.0415, presently securing a modest gain of +0.10% off above its opening during US trading. The Mataf.net analyst team points to resistances at 1.0447, ahead of 1.0484, and finally 1.0530. In the United States, Initial Jobless Claims (July 12) came in at 334K, against expectations of 345K. Moreover, Continuing Jobless Claims (July 6) were reported at 3.114M, vs. projections calling for 2.959M. Meanwhile in Canada, Wholesale Sales (MoM) grew +2.3% in May, beating projections of +0.3%. USD/CAD strategic bias According to the TD Securities Team, “The USD/CAD remains stuck around the 1.04 area – the mid-point of the broader bull trend in place for the past few months. Moreover, weak/mixed trend momentum signals suggest that this situation may persist for the moment as the market continues to work off the USD’s overbought signals from earlier in the month. We look for 1.0350/1.0450 as the rough, near-term range.”
Posted on: Thu, 18 Jul 2013 13:15:23 +0000
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