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20 May 2014

USD/CAD clings to 1.0900

FXStreet (Edinburgh) - The CAD continues to depreciate vs. the greenback on Tuesday, pushing the USD/CAD beyond the 1.0900 handle.

USD/CAD in 4-day highs

The pair is extending the recent bounce off the mid-1.0800s, printing fresh multi-day tops above 1.0900 the figure against the backdrop of improved sentiment around the USD. Very light docket in Canada, with only Wholesale Sales missing consensus and contracting 0.4% inter-month in March. “The daily chart suggests that spot is still consolidating, albeit at the upper end of the “bull wedge” pattern we have highlighted recently… The more positive short-term studies are helpful but we want to see a clear push through 1.0900/10 to be a little more confident that things are really turning around”, observed Shaun Osborne, Chief FX Strategist at TD Securities.

USD/CAD relevant levels

The pair is now advancing 0.29% at 1.0906 with the next resistance at 1.0934 (Kijun Sen) followed by 1.0961 (high May 6) and finally 1.0980 (21-w MA). On t he downside, a break below 1.0814 (low May 8) would open the door to 1.0762 (low Jan.8) and then 1.0737 (high Dec.20).
May 20, 2014

USD/CAD positioned for the downside? - TD Securities

Shaun Osbourne, Chief FX Strategist at TD Securities noted that USD/CAD is suffering from a dearth of data and conviction to drive the markets either back through the low 1.09 area on the topside or below the low 1.08s on the downside.
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May 20, 2014

EUR/JPY consolidates below 139.00

The EUR/JPY bottomed during the European session at 138.53 and then rebounded but the recovery found resistance at 139.00.
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