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11 Mar 2013
Forex: USD/CAD attempts to return to 1.0300
Friday's plunge on stronger than expected employment data in both US and Canada sent the USD/CAD to 1.0234 low and its following bounce wasn't able to reach the 1.0300 line. The cross spent the European morning attempting that but, for now, it has peaked at 1.0294.
The economic calendar will stay pretty empty today for both currencies, only with the 3 and 6-month bills auctions in the US ahead. Concerns over the US budget may affect the pair.
"On the charts, USD/CAD’s failure to make fresh cycle highs last week sets a solid resistance zone at 1.0335/40", wrote TD Securities analysts Shaun Osborne and Greg Moore , forecasting a possible drift lower in the coming sessions with 1.0240/45 the initial level to watch before stronger support at 1.0215/20.
The economic calendar will stay pretty empty today for both currencies, only with the 3 and 6-month bills auctions in the US ahead. Concerns over the US budget may affect the pair.
"On the charts, USD/CAD’s failure to make fresh cycle highs last week sets a solid resistance zone at 1.0335/40", wrote TD Securities analysts Shaun Osborne and Greg Moore , forecasting a possible drift lower in the coming sessions with 1.0240/45 the initial level to watch before stronger support at 1.0215/20.