31 Jul 2013
USD/CAD bounced from new 1.0257 intraday lows post Fed’s decision
FXstreet.com (Chicago) - USD/CAD dropped to new 1.0257 intraday lows post FOMC interest rate decision to maintain 2.5% interest rates.
Despite better than expected job market data published in the US earlier this morning, Fed’s decision might be indicative of still present necessary measures to boost economy. Price action indicated a strong retracement from 1.0300 key psychological resistance as pair accumulated 0.17% loss since opening.
Trading at 1.02840 at moment of writing, the price navigated between supports at 1.0280 (July 23 lows), 1.0262 (July 26 lows), 1.0254 (July 29 lows) and resistances at 1.0293 (July 23 highs), 1.0310 (July 30 highs), 1.0318 (July 24 highs). On short haul for one-hour timeframe analysis, the price was below MAs at 5 and 20. The FXstreet.com trend index confirmed bearish bias as it considered pair slightly bearish with CCI pointing down.
Despite better than expected job market data published in the US earlier this morning, Fed’s decision might be indicative of still present necessary measures to boost economy. Price action indicated a strong retracement from 1.0300 key psychological resistance as pair accumulated 0.17% loss since opening.
Trading at 1.02840 at moment of writing, the price navigated between supports at 1.0280 (July 23 lows), 1.0262 (July 26 lows), 1.0254 (July 29 lows) and resistances at 1.0293 (July 23 highs), 1.0310 (July 30 highs), 1.0318 (July 24 highs). On short haul for one-hour timeframe analysis, the price was below MAs at 5 and 20. The FXstreet.com trend index confirmed bearish bias as it considered pair slightly bearish with CCI pointing down.