30 Aug 2013
USD/CAD trading upwards after Michigan release
FXstreet.com (Athens) - The USD/CAD is still trading upwards due to a solid Michigan release, as well as regarding to the general strengthening of greenback.
USD/CAD on the upper level; Michigan beats estimations, while Syria’s jitters striking back
The USD/CAD spiked on 1.0548 after the better than expected Michigan Index release, which boosted the American dollar tremendously across the board. Besides the voices who are on favor to a September taper announcement grow up steadily, boosting further the ‘greenback’. Meanwhile, the upward trend of the pair might also be attributed to the slowing recovery in Canada. To elaborate on, Canadian data revealed that the ongoing weakness in the Canadian labor market along with the slowdown in private sector consumption produced a dismal GDP report. As long as, Canadian economy is in sluggish mode, ‘tapering’ is closer, the pair might find additional uptrend movement.
Strategic bias and technical Outlook on USD/CAD
Shaun Osborn, analyst in TD securities suggest, that “USD/CAD short-term patterns are bullish, longer-term trend targets 1.0804 retracement”. At the time of writing, the pair is trading at 1.0546, up 0.09%, after having hit a daily high of 1.0553 after the news release. The FXstreet.com Trend Index shows the pair to be slightly bullish. Daily pivot point support can be found at 1.0500, 1.0476, 1.0432 and resistance at 1.0580, 1.0610 and 1.0623, respectively.
USD/CAD on the upper level; Michigan beats estimations, while Syria’s jitters striking back
The USD/CAD spiked on 1.0548 after the better than expected Michigan Index release, which boosted the American dollar tremendously across the board. Besides the voices who are on favor to a September taper announcement grow up steadily, boosting further the ‘greenback’. Meanwhile, the upward trend of the pair might also be attributed to the slowing recovery in Canada. To elaborate on, Canadian data revealed that the ongoing weakness in the Canadian labor market along with the slowdown in private sector consumption produced a dismal GDP report. As long as, Canadian economy is in sluggish mode, ‘tapering’ is closer, the pair might find additional uptrend movement.
Strategic bias and technical Outlook on USD/CAD
Shaun Osborn, analyst in TD securities suggest, that “USD/CAD short-term patterns are bullish, longer-term trend targets 1.0804 retracement”. At the time of writing, the pair is trading at 1.0546, up 0.09%, after having hit a daily high of 1.0553 after the news release. The FXstreet.com Trend Index shows the pair to be slightly bullish. Daily pivot point support can be found at 1.0500, 1.0476, 1.0432 and resistance at 1.0580, 1.0610 and 1.0623, respectively.