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4 Jun 2013
USD/CAD trims Monday’s losses above 1.0300
FXstreet.com (Barcelona) - The USD has resumed its upside against its fellow neighbour on Tuesday, retaking the critical 1.0300 handle and currently hovering over 1.0320/25.
“After finishing Q1 on solid footing, Canada’s international merchandise trade balance is expected to revert back into a deficit in April. This forecast reflects a large decline in exports following an impressive 5% monthly gain in March, with the weakness expected to be broadly based but accentuated by a drop in auto exports”, commented Richard Kelly, FX Researcher at TD Securities.
USD/CAD is now up 0.29% at 1.0310 with the next resistance at 1.0335 (MA10d) followed by 1.0389 (high Jun.3) and finally 1.0421 (high May 29). On the downside, a violation of 1.0261 (low Jun.3) would target 1.0251 (low May 22) en route to 1.0240 9MA21d).
“After finishing Q1 on solid footing, Canada’s international merchandise trade balance is expected to revert back into a deficit in April. This forecast reflects a large decline in exports following an impressive 5% monthly gain in March, with the weakness expected to be broadly based but accentuated by a drop in auto exports”, commented Richard Kelly, FX Researcher at TD Securities.
USD/CAD is now up 0.29% at 1.0310 with the next resistance at 1.0335 (MA10d) followed by 1.0389 (high Jun.3) and finally 1.0421 (high May 29). On the downside, a violation of 1.0261 (low Jun.3) would target 1.0251 (low May 22) en route to 1.0240 9MA21d).