USD/CAD: Away from parity

on May 14, 2013

On Monday the price opened at 1.012, reached a high of 1.0133 and dropped to the low of 1.0083, followed by a close at 1.0103. So far this week the price has been slowly fluctuating around 1.0100 and preserved a shallow range between 1.0116 and 1.0083 until now. The US dollar in the last few hours has been drawing bullish candles and right at the moment is quoted four pips above the range. Looks like the US dollar uptick is ready to continue. The 1.0119 level has proven to be a strong resistance through the past few weeks and if broken the price would be targeting 1.0150 and 1.0200 first, followed by highs between 1.0280 and 1.0300 from mid-April. To the south the levels between 1.0000 and 1.0014 offer strong support for USD/CAD.

Today no economic reports are to be announced from Canada. Manufacturing sales data (monthly) will be released on Wednesday and the core CPI (monthly) on Friday. From across the Atlantic at 12.30 GMT the NFIB Small Business Index report will come out and at 13.30 GMT the report on import prices will be announced. The most anticipated reports will be those on unemployment claims, building permits and core CPI, due out on Thursday.

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