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20 Feb 2013
Forex: USD/CAD eyes 1.0180 ahead of FOMC
The Canadian dollar continues to trade in a soft tone against the greenback on Wednesday, pushing the cross to fresh highs in the boundaries of 1.0180 ahead of the FOMC minutes.
After leaving behind the 61.8% Fibo retracement at 1.0135, the research team at TD Securities suggested, “A firm close will support the impression that this market will continue to grind higher towards 1.0250 (76.4% retracement) or higher. We think the rally/consolidation/rally picture of the last 6 months is a bullish structure (bull flag) which puts the low 1.03 zone as the measured move target.
As of writing, the pair is up 0.58% at 1.0168 with the next resistance at the psychological level at 1.0200 ahead of 1.0232 (high Jul.25) and then 1.0251 (high Jul.12).
On the flip side, a breakdown of 1.0101 (high Jan.25) would aim for 1.0055 (low Feb.18) and then 1.0052 (MA10d).
After leaving behind the 61.8% Fibo retracement at 1.0135, the research team at TD Securities suggested, “A firm close will support the impression that this market will continue to grind higher towards 1.0250 (76.4% retracement) or higher. We think the rally/consolidation/rally picture of the last 6 months is a bullish structure (bull flag) which puts the low 1.03 zone as the measured move target.
As of writing, the pair is up 0.58% at 1.0168 with the next resistance at the psychological level at 1.0200 ahead of 1.0232 (high Jul.25) and then 1.0251 (high Jul.12).
On the flip side, a breakdown of 1.0101 (high Jan.25) would aim for 1.0055 (low Feb.18) and then 1.0052 (MA10d).