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4 Jun 2013
USD/CAD eases to 1.0311/12 after Canadian trade data
FXstreet.com (Barcelona) - The USD/CAD eased slightly Tuesday at the onset of US trading, following the release of Canadian trade data.
In the United States, the Trade Balance (April) was reported at $-40.29B, against expectations of $-41.0B. Meanwhile in Canada, International Merchandise Trade (April) came in at $-0.57B, beating projections of $-0.60B. In addition, Exports yielded (April) $40.27B, against a consensus of $39.10B. Finally, Imports (April) grew to $40.84B, against estimates of $39.65B.
After achieving heights of 1.0333 (intraday high) earlier today, the pair has now eased back to 1.0311/12, still operating positively at +0.31%. Mataf.net analysts calculate resistive measures for the USD/CAD at 1.0347, onto 1.0417, and ultimately 1.0459. On the pullback, a break below the 1.0235 handle will initiate supports at 1.0193 and 1.0123.
According to the TD Securities Team, “Overall, the tone remains consolidative, although yesterday’s dip below 1.0300 does marginally dents the bull trend that has built since early May. While we still remain biased toward an extension higher in the coming weeks/months, there is a rising risk of pullback toward 1.02 in the near-term.”
In the United States, the Trade Balance (April) was reported at $-40.29B, against expectations of $-41.0B. Meanwhile in Canada, International Merchandise Trade (April) came in at $-0.57B, beating projections of $-0.60B. In addition, Exports yielded (April) $40.27B, against a consensus of $39.10B. Finally, Imports (April) grew to $40.84B, against estimates of $39.65B.
After achieving heights of 1.0333 (intraday high) earlier today, the pair has now eased back to 1.0311/12, still operating positively at +0.31%. Mataf.net analysts calculate resistive measures for the USD/CAD at 1.0347, onto 1.0417, and ultimately 1.0459. On the pullback, a break below the 1.0235 handle will initiate supports at 1.0193 and 1.0123.
According to the TD Securities Team, “Overall, the tone remains consolidative, although yesterday’s dip below 1.0300 does marginally dents the bull trend that has built since early May. While we still remain biased toward an extension higher in the coming weeks/months, there is a rising risk of pullback toward 1.02 in the near-term.”