7 Aug 2013
USD/CAD capped by 1.0416
FXstreet.com (Chicago) - USD/CAD continued trending down after earlier retracement from intraday highs despite 0.40% daily gains.
According to the Energy Information Administration, oil demand dropped during July revealed by the EiA crude oil stocks change for August at -1.320M vs. expected -1.200M and previous 0.431M. Amid speculation on Fed’s stimulus easing, the loonie fell to 4-week lows.
Price action indicated a strong reaction to building permits results at -10.3% vs. previous 5.8% and expected -3.2% in Canada as the pair reached intraday highs to retrace progressively and trade at 1.0414 between supports at 1.0402 (July 31st highs), 1.0389 (July 19th highs) ahead of 1.0364 (July 16th lows) and resistances at 1.0416 (July 10th highs), 1.0437 (July 17th highs) and 1.0454 (June 26th lows). The FXstreet trend index reported the pair as strongly bullish with MACD and Momentum indicators pointing up.
According to the Energy Information Administration, oil demand dropped during July revealed by the EiA crude oil stocks change for August at -1.320M vs. expected -1.200M and previous 0.431M. Amid speculation on Fed’s stimulus easing, the loonie fell to 4-week lows.
Price action indicated a strong reaction to building permits results at -10.3% vs. previous 5.8% and expected -3.2% in Canada as the pair reached intraday highs to retrace progressively and trade at 1.0414 between supports at 1.0402 (July 31st highs), 1.0389 (July 19th highs) ahead of 1.0364 (July 16th lows) and resistances at 1.0416 (July 10th highs), 1.0437 (July 17th highs) and 1.0454 (June 26th lows). The FXstreet trend index reported the pair as strongly bullish with MACD and Momentum indicators pointing up.