Back
11 Mar 2014
USD/CAD testing the 1.1100 handle
FXStreet (Edinburgh) - The USD/CAD is now easing to test the lower band of the intraday range in the 1.1110/00 area on Tuesday.
USD/CAD keeps the narrow range
Absent data in both Canada and the US, the pair is following the risk trends and keeping the trade in a narrow 1.1100/30 range. “With the somewhat weaker oil price now off the radar screen again, favourable mid-term and long-term USD spreads appear to be the main culprits behind the supportive environment above 1.110 in USDCAD since the end of last week”, suggested Stephen Gallo, European Head FX Strategy at BMO.
USD/CAD levels to watch
At the moment the pair is up 0.01% at 1.1108 with the next up-barrier at 1.1132 (high Mar.10) followed by 1.1148 (high Feb.28) and finally 1.1160 (high Feb.27). On the flip side, a breakdown of 1.1018 (daily cloud top) would open the door to 1.0955 (low Mar.6) and then 1.0911 (low Feb.19).
USD/CAD keeps the narrow range
Absent data in both Canada and the US, the pair is following the risk trends and keeping the trade in a narrow 1.1100/30 range. “With the somewhat weaker oil price now off the radar screen again, favourable mid-term and long-term USD spreads appear to be the main culprits behind the supportive environment above 1.110 in USDCAD since the end of last week”, suggested Stephen Gallo, European Head FX Strategy at BMO.
USD/CAD levels to watch
At the moment the pair is up 0.01% at 1.1108 with the next up-barrier at 1.1132 (high Mar.10) followed by 1.1148 (high Feb.28) and finally 1.1160 (high Feb.27). On the flip side, a breakdown of 1.1018 (daily cloud top) would open the door to 1.0955 (low Mar.6) and then 1.0911 (low Feb.19).