4 Sep 2013
USD/CAD rebounds back to 1.0500 region
FXstreet.com (Lisbon) - The USD/CAD foreign exchange rate recovered the 1.0500 barrier during US trading Wednesday, following an earlier tumble that sunk the pair to the depths of 1.0478 (session low).
In Canada, Imports (July) were reported at $40.15B, compared to a projection of $40.11B. Meanwhile, Exports (July) came in at $39.22B, missing estimates of $39.80B. Finally, in the United States, the Trade Balance (July) yielded a figure of $-39.15B, relative to a consensus of $-38.70B.
USD/CAD strategic bias
According to the Technical Analyst Team at ICN.com, “The USD/CAD is witnessing great volatility which is limited below top D of the bearish harmonic Bat Pattern. Therefore, the possibility of a new bearish attempt is valid today as long as the pair is stable below 1.0565. RSI is still moving in a bearish bias, but breaking line 50 to the downside supports our expectations.”
The USD/CAD is now trading at 1.0502, still down -0.32% off its opening Wednesday. Technically speaking, the USD/CAD remains bolstered by supports at 1.0485, ahead of 1.0462, calculates the Mataf.net analyst team.
In Canada, Imports (July) were reported at $40.15B, compared to a projection of $40.11B. Meanwhile, Exports (July) came in at $39.22B, missing estimates of $39.80B. Finally, in the United States, the Trade Balance (July) yielded a figure of $-39.15B, relative to a consensus of $-38.70B.
USD/CAD strategic bias
According to the Technical Analyst Team at ICN.com, “The USD/CAD is witnessing great volatility which is limited below top D of the bearish harmonic Bat Pattern. Therefore, the possibility of a new bearish attempt is valid today as long as the pair is stable below 1.0565. RSI is still moving in a bearish bias, but breaking line 50 to the downside supports our expectations.”
The USD/CAD is now trading at 1.0502, still down -0.32% off its opening Wednesday. Technically speaking, the USD/CAD remains bolstered by supports at 1.0485, ahead of 1.0462, calculates the Mataf.net analyst team.