7 Aug 2013
USD/CAD stabilizes above the 1.0400 level
FXstreet.com (New York) - The USD/CAD foreign exchange rate unsuccessfully made a bid higher Wednesday, followed by a drop back towards the 1.0366 region in recent minutes.
In Canada, the Ivey Purchasing Managers Index (Jul) was reported at 45.7, compared with a figure of 56.6 previously. Moreover, the Ivey Purchasing Managers Index s.a (Jul) came in at 48.4, missing expectations of 57.0.
At this juncture, the USD/CAD is now navigating the region of 1.0415, still clinging to an advance of +0.39% above it’s opening during US trading, despite recent volatility. Briefing the technicals, the USD/CAD will face resistance at 1.0415, onto 1.0439. Conversely, supports will kick in at 1.0355, ahead of 1.0331, notes the Danske Research Team.
USD/CAD strategic bias
According to the Technical Analyst Team at ICN.com, “The USD/CAD achieved an upside move where it touched 50% correction at 1.0425 levels now. A four-hour closing above this level might extend bullishness, where we counted in our negative expectations on the referred to level in the European session report as a risk limit to the expectations in our recommendation. Stabilizing above Linear Regression Indicators might eliminate negativity, therefore we expect an upside move that is confirmed by stability above 1.0425, where the pair will respond again to the medium-term ascending channel.”
In Canada, the Ivey Purchasing Managers Index (Jul) was reported at 45.7, compared with a figure of 56.6 previously. Moreover, the Ivey Purchasing Managers Index s.a (Jul) came in at 48.4, missing expectations of 57.0.
At this juncture, the USD/CAD is now navigating the region of 1.0415, still clinging to an advance of +0.39% above it’s opening during US trading, despite recent volatility. Briefing the technicals, the USD/CAD will face resistance at 1.0415, onto 1.0439. Conversely, supports will kick in at 1.0355, ahead of 1.0331, notes the Danske Research Team.
USD/CAD strategic bias
According to the Technical Analyst Team at ICN.com, “The USD/CAD achieved an upside move where it touched 50% correction at 1.0425 levels now. A four-hour closing above this level might extend bullishness, where we counted in our negative expectations on the referred to level in the European session report as a risk limit to the expectations in our recommendation. Stabilizing above Linear Regression Indicators might eliminate negativity, therefore we expect an upside move that is confirmed by stability above 1.0425, where the pair will respond again to the medium-term ascending channel.”