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26 Jun 2013
USD/CAD momentum slowing
FXstreet.com (London) - USD/CAD has begun to slow down while targeting lower levels.
USD/CAD has continued lower from a high overnight of 1.0529 to record a low on the European session of 1.0458. The pair has been supported at these levels yesterday since being capped post FOMC and Fridays business 1.0558. There isn’t anything in the way of Economic Data for CAD until Friday GDP, but we now await US GDP Q1 and that’s in focus for this afternoon.
USD/CAD ranges
1.0658 and the 2011 high gives us the target to the upside. This will require a solid US GDP print ahead of Canadian GDP on Friday. 1.0380 is a crucial level to the downside and there will likely be big stops around there.
USD/CAD has continued lower from a high overnight of 1.0529 to record a low on the European session of 1.0458. The pair has been supported at these levels yesterday since being capped post FOMC and Fridays business 1.0558. There isn’t anything in the way of Economic Data for CAD until Friday GDP, but we now await US GDP Q1 and that’s in focus for this afternoon.
USD/CAD ranges
1.0658 and the 2011 high gives us the target to the upside. This will require a solid US GDP print ahead of Canadian GDP on Friday. 1.0380 is a crucial level to the downside and there will likely be big stops around there.