Canadian dollar gains coming to an end?

Latest spot rates

Looking at the latest Canadian dollar (Currency:CAD) rates we see: The pound versus Canadian dollar exchange rate is 0.26 pct in the blue at 1.6021.
The euro versus Canadian dollar exchange rate is 0.06 pct higher at 1.3586.
The US dollar versus Canadian dollar is flat at 1.0171.

Note that this is a spot reference to which your bank will add a discretionary spread, however an independent FX provider will guarantee to undercut your bank's offer, thus delivering you more currency. Please find out more here.

British pound tipped to extend gains

Looking at the GBP-CAD charts we see the British pound maintains the upper edge in the opinion of Trading Central who say:

"The upside prevails as long as 1.597 is support. Alternative scenario: below 1.597, expect 1.595 and 1.594.

"The RSI is above its neutrality area at 50. The MACD is above its signal line and positive. The configuration is positive. Moreover, the pair is above its 20 and 50 MAs (respectively at 1.596 and 1.5952)."

Canadian dollar gains versus US dollar slowing

Shaun Osborne at TD Securities tells us today that the Canadian dollar's recent run against the US dollar could be coming to an end:

"The focus on the FOMC will perhaps overshadow BoC Governor Poloz’s maiden speech (also Wednesday). But in the light of his recent comments before a parliamentary committee in Ottawa, which suggested a high degree of continuity between the new and the old central bank leadership, the comments may not add much more than we already know—policy will remain on hold in Canada for some time. That may, however, dampen the run up in short-tern Canadian rates that has driven Canada-US spreads about 15bps wider since mid-April, helping underpin the CAD.

"USD/CAD retains a soft bias but the short-term trend lower off the May highs does appear to be slowing. Price patterns through late June suggest a falling wedge pattern—indicating weakening downside pressure on USD/CAD.

"The USD needs to trade through 1.0175/95 to stabilize near-term, however, and only gains through 1.0200/25 would imply any potential to strengthen."

Luc Luyet at MIG Bank also chimes in with the following technical forecasts for the USD-CAD:

"USD/CAD is still in a succession of lower highs and lower lows since its 29 May peak at 1.0421. Monitor the test of the support at 1.0149. Hourly
resistances can be found at 1.0187 (14/06/2013 high) and 1.0226. Another support can be found at 1.0082.

"In the longer-term, we favour a bullish bias as long as the support at 1.0000 (14/02/2013 low, see also the rising trendline from 0.9633 (14/09/2012 low) in a daily chart) holds. Key resistances are now at 1.0447 (04/06/2012 high) and 1.0658 (04/10/2011 high)."