USD/CAD bounces off lows 70-pips; 10yr treasury recovers towards 2.36%

Jose Ricaurte Jaen Analista independiente

Currently, USD/CAD is trading at 1.3152, up +0.41% or 53-pips on the day, having posted a daily high at 1.3159 and low at 1.3083.

Over the last 4-hours, the Canadian dollar vs. American dollar erased previous losses as the currency pair bounced off lows clocking 70-pips and, as of writing, such upside pressure challenges the 200-DMA.

Today's US economic docket had after Durable Good Orders (printed 1.8%), Pending Home Sales (MoM) that clocked 'a worse than expected' figure at (2.8%) below 0.8% consensus and 0.8% (revised) previous. Furthermore, the greenback made it later in the NA trading session via an impressive comeback from treasuries, especially the 10yr yield that clocked 2.36% when it went as low as 2.31%.

USD/CAD short-term technicals: neutral-bullish - Scotiabank

Historical data available for traders and investors indicates during the last 9-weeks that USD/CAD pair, a commodity-linked currency, had the best trading day at +1.71% (Jan.18) or 227-pips, and the worst at -1.02% (Jan.17) or (133)-pips. Furthermore, the US 10yr treasury yields have traded from 2.36% to 2.31%, up +2.31% on the day at 2.36% or +0.0533.

Technical levels to watch

In terms of technical levels, upside barriers are aligned at 1.3210 (50-DMA), then at 1.3270 (100-DMA) which seems to build a 'Walls of Troy' multi-year resistance region since July 2015 and finally above that at 1.3380 (high Jan.20). While supports are aligned at 1.3008 (low Feb.16), later at 1.2910 (low Sep.9) and below that at 1.2760 (low Aug.18).

On the other hand, Stochastic Oscillator (5,3,3) seems to head south. Therefore, there is evidence to expect further CAD gains in the near term.The pair requires a close and open above the 200-DMA near 1.3140 to dilute any bearish pressure that could drag it lower back to the 1.3010 level.

Gold vs. US dollar; Challenging 200-DMA vs. Neutral near 100

Author

Jose Ricaurte Jaen

Analista independiente

Born in Colón (Panamá). Over the last years, he has been designing currency algorithms for the retail industry.

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