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4 Mar 2013
Forex: USD/CAD retracing Asian session gains
As crude oil prices suffered as the week started, so did the CAD, allowing the USD/CAD to move higher during the Asian session to as high as 1.0310. However, the market has been erasing those gains since then and is already moving around 1.0285 ahead of the US session.
No Canada data is due for release today, but US ISM New York will be published at 14:45 GMT and FOMC Yeller and Powell will speak today. Last week, Fed's Bernanke rejected the end of QE3 before the labor market shows substantial improvemen and eased any fears that a 1994-style bond selloff could be brewing,
UBS analysts are bullish on the USD/CAD: “The pair extends its bullish pattern of higher highs - higher lows posting a new recovery high”, wrote analyst Gareth Berry, pointing to resistance at 1.0366 ahead of 1.0447, while support is at1.0217.
No Canada data is due for release today, but US ISM New York will be published at 14:45 GMT and FOMC Yeller and Powell will speak today. Last week, Fed's Bernanke rejected the end of QE3 before the labor market shows substantial improvemen and eased any fears that a 1994-style bond selloff could be brewing,
UBS analysts are bullish on the USD/CAD: “The pair extends its bullish pattern of higher highs - higher lows posting a new recovery high”, wrote analyst Gareth Berry, pointing to resistance at 1.0366 ahead of 1.0447, while support is at1.0217.