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6 Aug 2013
USD/CAD supported, edging higher
FXstreet.com (London) - USD/CAD is showing some signs of recovery following a drop away from the 1.0400 handle in NY.
USD/CAD has been supported overnight and has begun to drift slowly higher from the lows of 1.0347 and back into positive territory ahead of the 1.0400 handle. Today on the event side of things we have a little bit of US data starting out with the Trade Balance (Jun) expected -$43.10B. Then we will see Redbook Index (YoY) and (MoM) (Jul 28).
USD/CAD awaits key Canadian data
Meanwhile, from Canada the trade deficit is expected to widen from -$0.3bn to -$0.7bn in June (mkt -$0.5bn), based on softer exports and stronger imports. Research teams at TD Securties said, “On the export side there is a high degree of uncertainty though due to the flooding in southern Alberta during the month, and its impact on energy exports. Outside of that though we expect to see gains elsewhere in the export sector, so even if we get a big negative on the export side the details should be a little better. For the quarter as a while, we expect the June release to reinforce our view that next exports will contribute modestly to GDP growth in Q2, and for net exports to play a larger role over the second half of the year and into 2014”.
USD/CAD Levels
20d ma 1.0348, 50 d ma 1.0361, 200 d ma 1.0140. RSI (9) reads 50.87. Supports are acsending from 1.0245, 1.0260, 1.0305, 1.0337, while spot is currently trading 1.0364. Resistances are 1.0377, 1.0403, 1.0445 and 1.0472.
USD/CAD has been supported overnight and has begun to drift slowly higher from the lows of 1.0347 and back into positive territory ahead of the 1.0400 handle. Today on the event side of things we have a little bit of US data starting out with the Trade Balance (Jun) expected -$43.10B. Then we will see Redbook Index (YoY) and (MoM) (Jul 28).
USD/CAD awaits key Canadian data
Meanwhile, from Canada the trade deficit is expected to widen from -$0.3bn to -$0.7bn in June (mkt -$0.5bn), based on softer exports and stronger imports. Research teams at TD Securties said, “On the export side there is a high degree of uncertainty though due to the flooding in southern Alberta during the month, and its impact on energy exports. Outside of that though we expect to see gains elsewhere in the export sector, so even if we get a big negative on the export side the details should be a little better. For the quarter as a while, we expect the June release to reinforce our view that next exports will contribute modestly to GDP growth in Q2, and for net exports to play a larger role over the second half of the year and into 2014”.
USD/CAD Levels
20d ma 1.0348, 50 d ma 1.0361, 200 d ma 1.0140. RSI (9) reads 50.87. Supports are acsending from 1.0245, 1.0260, 1.0305, 1.0337, while spot is currently trading 1.0364. Resistances are 1.0377, 1.0403, 1.0445 and 1.0472.