8 Aug 2013
USD/CAD reversing from weekly lows
FXstreet.com (Chicago) - USD/CAD dropped to weekly lows at 1.0303 to start reversing towards the end of the American trading session.
US job data revealed a slower-than-expected hiring process as continuing jobless claims reached 3.018M vs. previous 2.951M and expected 2.950M in the country. In Canada, housing prices increased by 0.1% to mark 0.2%.
Technically speaking, the pair was reported as slightly bearish on one-hour timeframe analysis as it accumulated 0.97% losses throughout the day. At 1.0323, the pair oscillated between supports at 1.0396, 1.0370 and 1.0344 ahead of resistances at 1.0477, 1.0503 followed by 1.0529.
Despite losses, the ICN technical analysis team reported the pair on upside channel with a “steady daily closing above levels 1.0100 targeting 1.0775” on outlook for unemployment data due tomorrow in Canada.
US job data revealed a slower-than-expected hiring process as continuing jobless claims reached 3.018M vs. previous 2.951M and expected 2.950M in the country. In Canada, housing prices increased by 0.1% to mark 0.2%.
Technically speaking, the pair was reported as slightly bearish on one-hour timeframe analysis as it accumulated 0.97% losses throughout the day. At 1.0323, the pair oscillated between supports at 1.0396, 1.0370 and 1.0344 ahead of resistances at 1.0477, 1.0503 followed by 1.0529.
Despite losses, the ICN technical analysis team reported the pair on upside channel with a “steady daily closing above levels 1.0100 targeting 1.0775” on outlook for unemployment data due tomorrow in Canada.