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31 Jul 2014
USD/CAD consolidates above 1.0900
FXStreet (Edinburgh) - The greenback extends its upside momentum on Thursday, lifting the USD/CAD beyond the 1.0900 handle.
USD/CAD boosted by data
Positive performance from the US economy during the second quarter gave extra wings to the USD on Wednesday, allowing spot to extend its recent rally beyond 1.0900 the figure ahead of the key US Payrolls due tomorrow. Ahead in the day, Canadian GDP figures are due, with consensus expecting the economy to have expanded 0.3% inter-month in May. “Recent CAD weakness on multiple crosses appears to be at odds with the material shift in US growth sentiment. Canada is overdue a solid jobs data update too with the latest 3mma for employment now at -4k vs +22k a mere 4 months ago”, suggested analysts at Westpac.
USD/CAD levels to consider
As of writing the pair is up 0.11% at 1.0915 and a breakout of 1.0922 (high Jun.10) would open the door to 1.0962 (high Jun.5) and then 1.1007 (high May 2). On the downside, the immediate support lines up at 1.0850 (low Jul.30) ahead of 1.0796 (low Jul.29) and finally 1.0768 (Daily Tenkan).
USD/CAD boosted by data
Positive performance from the US economy during the second quarter gave extra wings to the USD on Wednesday, allowing spot to extend its recent rally beyond 1.0900 the figure ahead of the key US Payrolls due tomorrow. Ahead in the day, Canadian GDP figures are due, with consensus expecting the economy to have expanded 0.3% inter-month in May. “Recent CAD weakness on multiple crosses appears to be at odds with the material shift in US growth sentiment. Canada is overdue a solid jobs data update too with the latest 3mma for employment now at -4k vs +22k a mere 4 months ago”, suggested analysts at Westpac.
USD/CAD levels to consider
As of writing the pair is up 0.11% at 1.0915 and a breakout of 1.0922 (high Jun.10) would open the door to 1.0962 (high Jun.5) and then 1.1007 (high May 2). On the downside, the immediate support lines up at 1.0850 (low Jul.30) ahead of 1.0796 (low Jul.29) and finally 1.0768 (Daily Tenkan).