3 Sep 2013
USD/CAD wipes out most losses bouncing off 1.0507 session lows
FXstreet.com (Chicago) - USD/CAD continues steady climb after bouncing off session lows. Better than expected manufacturing data brings back Fed’s tapering concerns on bond-buying program.
The conflict cools down
President Obama met with Republican senators yesterday seeking support to attack Syria. So far, his efforts have been successful as he is now backed by several key Republicans including John Boenher, House speaker. Despite apparent imminent attack, the markets seem to react as if the conflict had faded away with safe-haven commodities heading down and a stronger dollar throughout the journey on better-than-expected US manufacturing data.
USD/CAD Technical Levels
Technically speaking, the pair is offered at 1.0537 and navigates between supports at 1.0526, (August 21st highs), 1.05 (August 30th lows) ahead of 1.0485 (August 28th lows) and resistances at 1.0540 (August 30th highs), 1.0567 (August 22nd highs) followed by 1.0584 (July 8th highs). The FXstreet.com trend index reports the pair as slightly bearish on one-hour timeframe analysis.
According to the ICN Technical analysis team, the pair “failed to achieve a strong upside move, leaving it to trade below the previous peak”. The trading range for today was identified between key support at 1.0450 and key resistance at 1.0640 with a general trend to the upside on the short-term basis.
The conflict cools down
President Obama met with Republican senators yesterday seeking support to attack Syria. So far, his efforts have been successful as he is now backed by several key Republicans including John Boenher, House speaker. Despite apparent imminent attack, the markets seem to react as if the conflict had faded away with safe-haven commodities heading down and a stronger dollar throughout the journey on better-than-expected US manufacturing data.
USD/CAD Technical Levels
Technically speaking, the pair is offered at 1.0537 and navigates between supports at 1.0526, (August 21st highs), 1.05 (August 30th lows) ahead of 1.0485 (August 28th lows) and resistances at 1.0540 (August 30th highs), 1.0567 (August 22nd highs) followed by 1.0584 (July 8th highs). The FXstreet.com trend index reports the pair as slightly bearish on one-hour timeframe analysis.
According to the ICN Technical analysis team, the pair “failed to achieve a strong upside move, leaving it to trade below the previous peak”. The trading range for today was identified between key support at 1.0450 and key resistance at 1.0640 with a general trend to the upside on the short-term basis.