Forex: USD/CAD pares losses to settle at 0.9938/40

29/12/2012 16:19 AST

The USD/CAD has traded in a 42-pip consolidation Thursday, as investors grapple a trickle of economic data emanating out of the United States. After bottoming out in the 0.9905 region, threatened to drop below the key 0.9900 handle, the pair has recovered the mark of 0.9938/40, returning near opening levels in these moments.

Presently, the cross is operating in negative territory, incurring a slight loss of -0.03%. Technically for the USD/CAD, we believe the cross has formed a firm short-term base at least in the low 0.98s after last week's rally: "Near-term resistance at 0.9960 (tested 5 times since late November) is strong but we look for limited weakness in the USD (to the high 0.98s) intraday at least", wrote analysts Shaun Osborne and Greg Moore at TD Securities.

Briefing the technicals, the Mataf.net analyst team points to supports at 0.9909, onto 0.9888, and finally, 0.9867. On the ascension, a break above 0.9951 will favor a test of the 0.9972 and 0.9993 levels.

In the United States, Consumer Confidence (November) was reported at 65.1, against expectations of 70.3. In addition, New Home Sales (MoM) yielded a figure of 0.377M in November, missing estimates of 0.378M.


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