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15 Apr 2013
Forex: USD/CAD catching a firm bid, trading up 43 pips at 1.0184
FXstreet.com (Barcelona) - The USD/CAD is currently up 43 pips at 1.0184 during Asia trade. The majority of commodity currencies are weaker across the board after China GDP missed expectations earlier in the session. Economic data out of Canada in the coming session is light, but market participants should be aware of the BOC Rate Statement on April 17th at 13:00 GMT.
From a technical perspective, the pair is approaching a key downtrend line at 1.0185. The trend line could be viewed as the upper boundary of a bull flag consolidation pattern, which has a longer term measured move target near 1.0436. A close above 1.0185 opens the door to next resistance near 1.0214 (weekly high from April 5th). First support comes in at 1.0148 (the 9 DMA), followed by 1.0121 (demand area on daily chart).
From a technical perspective, the pair is approaching a key downtrend line at 1.0185. The trend line could be viewed as the upper boundary of a bull flag consolidation pattern, which has a longer term measured move target near 1.0436. A close above 1.0185 opens the door to next resistance near 1.0214 (weekly high from April 5th). First support comes in at 1.0148 (the 9 DMA), followed by 1.0121 (demand area on daily chart).