Offers have come back into the 1.0820 level but the jotter is light until 1.0900. Spec offers are at 1.0830 and 1.0850 and buy stops are said to be in place through 1.0855/65.
Bids are in at 1.0760, 1.0750, 1.0720 and 1.0700.
We busted a barrier at 1.0825 but there’s another touted at 1.0850, 75 & 1.0900
It’s also noted that real money have been big buyers of CAD for the last 2 weeks with bank flow reports showing that the loonie was the number one bought currency on Monday, they have since said to have stepped back with USD/CAD above 1.08. There’s also chatter of a big UK real money seller in GBP/CAD but no details of the level.
With the break out from the 1.0735/40 area the next target is the Oct/Nov 2008 and May 2009 highs around 1.0850.
USD/CAD weekly chart 08 01 2014
Pull backs are likely to find support in the 1.0730/40 area and this may give a decent opportunity for all you dip buyers. As Adam pointed out the break has been the most important part of the move so far and that’s likely to see the trend continue. Maybe some short term crap news out of the states will give a chance to get in lower.
