Thursday, August 11, 2016

USD/CAD trades

The Canadian dollar has posted small gains on Thursday, as USD/CAD trades at 1.3050. On the release front, Canada will release the New Housing Price Index, with the markets braced for a weak gain of 0.2%. Today’s key event is US Unemployment Claims, with the indicator expected to edge higher to 272 thousand. On Friday the US will release CPI and Retail Sales reports, as well as the UoM Consumer Sentiment report. USD/CAD ratio is showing long positions with a strong majority (58%), indicative of trader bias towards USD/CAD reversing directions and moving to lower levels.
  • USD/CAD has shown limited movement in the Asian and European sessions
  •  1.2990 is providing support
  •  1.3081 was under strong pressure in resistance earlier and is a weak line. It could see further action in the North American session
  • Further levels in both directions:
    • Below: 1.2990, 1.2900 and 1.2780
    • Above: 1.3081, 1.3219 and 1.3353
    • Current range: 1.2990 to 1.3081