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5 Jun 2013
USD/CAD flat around 1.0350
FXstreet.com (Barcelona) - The USD is resuming its upside against the CAD on Wednesday, posting meagre gains around 1.0350 ahead of the ADP report due later in the US economy.
“Key levels in USD/CAD remain well defined, with strong resistance in the 1.0400/1.0425 area, and support below 1.0300 down to this week’s lows at 1.0260/70”, commented Greg Anderson, Strategist at BMO. Ahead in the day, Canadian Building Permits are due, with prior surveys expecting a monthly contraction of 4.0% in April.
The pair is now up 0.01% at 1.0346 with the next resistance at 1.0389 (high Jun.3) ahead of 1.0421 (high May.29) and finally 1.0446 (high June 2012). On the downside, a break below 1.0261 (low Jun.3) would bring 1.0255 (MA21d) and then 1.0251 (low May 22).
“Key levels in USD/CAD remain well defined, with strong resistance in the 1.0400/1.0425 area, and support below 1.0300 down to this week’s lows at 1.0260/70”, commented Greg Anderson, Strategist at BMO. Ahead in the day, Canadian Building Permits are due, with prior surveys expecting a monthly contraction of 4.0% in April.
The pair is now up 0.01% at 1.0346 with the next resistance at 1.0389 (high Jun.3) ahead of 1.0421 (high May.29) and finally 1.0446 (high June 2012). On the downside, a break below 1.0261 (low Jun.3) would bring 1.0255 (MA21d) and then 1.0251 (low May 22).