USD/CAD to 24 January 2011
USD/CAD to range-trade. Pair undermined by robust 1.3% on-month increase in Canada November retail sales (vs +0.5 expected); receding eurozone debt concerns. But USD/CAD losses tempered by weaker oil prices (Nymex crude settled down 48 cents Friday at %89.11/bbl). USD/CAD daily chart mixed as MACD bullish, but stochastics neutral. Support at 0.9903 (Friday''''s low); breach would target 0.9884 (Wednesday''''s low), then 0.9827 (Tuesday''''s low), 0.9816 (May 21, 2008 reaction low) and 0.9708 (Feb. 28, 2008 reaction low). Resistance at 0.9988 (Friday''''s high), then at 1.0030-1.0033 band (Thursday''''s high-Jan. 4 reaction high); breach would target 1.0054 (55-day moving average), then 1.0115 (Dec. 24 high), 1.0126 (100-day moving average) and 1.0165 (Dec. 23 high).