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14 Jun 2013

USD/CAD up, US data eyed

FXstreet.com (Edinburgh) - The renewed strength of the Canadian dollar is driving the ="">USD/CAD to fresh 4-week lows around 1.0170 on Friday, falling for the second consecutive week from highs around 1.0380.

Dollar positioning weighting on USD/CAD

Extreme long positions in the greenback has been unfolding throughout the week, intensifying the USD decline vs. its rivals. Ahead in the day, Manufacturing Shipments are due in Canada while Producer Prices and the Reuters/Michigan index will be in the limelight in the US economy. “On the charts, there is some evidence to suggest that the selling pressure on funds seen earlier this week is easing. But the USD has a fair bit of work to do to improve—clearing short-term resistance at 1.0205 is the first hurdle. We spot support at 1.0150/55 on the day”, commented S.Osborne and G.Moore, Strategists at TD Securities.

USD/CAD support and resistance levels

At the moment, the pair is up0.11% at 1.0171 with the next hurdle at 1.0227 (high Jun.3) followed by 1.0233 (MA10d) and then 1.0280 (MA21d). On the flip side, a breakdown of 1.0150 (low Jun.13) would bring 1.0090 (low May 14) ahead of 1.0064 (low May 10).
Jun 14, 2013

S&P affirms Spain at BBB-, outlook negative

Standard & Poor's ratings agency has affirmed Spain's long-term sovereign debt rating at BBB-, just one notch above speculative grade, with a negative outlook.
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Jun 14, 2013

Flash: US data in focus ahead of FOMC – Investec

According to Lee McDarby, Corporate Treasury at Investec, “The market will closely observe the US PPI, Industrial Production and Consumer Confidence data, which we expect to provide additional insight into economic activity ahead of next week’s FOMC meeting.”
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