31 Jul 2013
USD/CAD eases off highs
FXstreet.com (New York) - The USD/CAD technical pair peaked earlier at the 1.0337 level (session high), only to ease slightly after the initial hoopla surrounding the US GDP release has set in.
In the United States, Gross Domestic Product Annualized (Q2) came in at +1.7%, exceeding estimates of only +1.2%. Moreover, the Gross Domestic Product Price Index rose only +0.7% in Q2, missing expectations of +1.0%. Finally Personal Consumption Expenditures Prices (QoQ) came in at 0.0%, below a projection calling for +1.6%.
At the time of writing, the USD/CAD is presently negotiating a gain of +0.12% above it’s opening, trading at the 1.0317 level during US trading. In terms of the technical levels, the USD/CAD remains constrained by resistance at 1.0321, onto 1.0341, and finally 1.0373, notes the Mataf.net analyst team.
USD/CAD strategic bias
According to the TD Securities Team, “The USD/CAD is starting the session a little better offered, which reinforces the strength of short-term resistance in the low 1.03 area. However, the broader pattern here still suggests the USD slide is nearing an inflexion point. Oscillator signals are suggesting the USD is oversold and the market has based around retracement support (now key) at 1.0250. Above 1.0330 is positive for USD/CAD, above 1.0365/70 is very bullish, we think.”
In the United States, Gross Domestic Product Annualized (Q2) came in at +1.7%, exceeding estimates of only +1.2%. Moreover, the Gross Domestic Product Price Index rose only +0.7% in Q2, missing expectations of +1.0%. Finally Personal Consumption Expenditures Prices (QoQ) came in at 0.0%, below a projection calling for +1.6%.
At the time of writing, the USD/CAD is presently negotiating a gain of +0.12% above it’s opening, trading at the 1.0317 level during US trading. In terms of the technical levels, the USD/CAD remains constrained by resistance at 1.0321, onto 1.0341, and finally 1.0373, notes the Mataf.net analyst team.
USD/CAD strategic bias
According to the TD Securities Team, “The USD/CAD is starting the session a little better offered, which reinforces the strength of short-term resistance in the low 1.03 area. However, the broader pattern here still suggests the USD slide is nearing an inflexion point. Oscillator signals are suggesting the USD is oversold and the market has based around retracement support (now key) at 1.0250. Above 1.0330 is positive for USD/CAD, above 1.0365/70 is very bullish, we think.”