2 Sep 2013
USD/CAD surges to intraday highs
FXstreet.com (Lisbon) - The USD/CAD has taken advantage of the muted trading Monday, breaking higher during US trading as the US has off for holiday.
USD/CAD strategic bias
According to the Technical Analyst Team at ICN.com, “In the bullish attempt we witnessed last week, the pair failed to stabilize above Linear Regression Indicators and above top D of the bearish harmonic Bat Pattern at 1.0565. Therefore, the possibility of the downside move is still valid. Breaking 23.6% correction at 1.0495 will confirm extending bearishness.”
In these moments, the USD/CAD is operating at 1.0549, up a healthy +0.17% during US trading. Technically speaking, the USD/CAD will encounter means of resistance at 1.0559, then 1.0583, and 1.0609, notes the Mataf.net analyst team.
USD/CAD strategic bias
According to the Technical Analyst Team at ICN.com, “In the bullish attempt we witnessed last week, the pair failed to stabilize above Linear Regression Indicators and above top D of the bearish harmonic Bat Pattern at 1.0565. Therefore, the possibility of the downside move is still valid. Breaking 23.6% correction at 1.0495 will confirm extending bearishness.”
In these moments, the USD/CAD is operating at 1.0549, up a healthy +0.17% during US trading. Technically speaking, the USD/CAD will encounter means of resistance at 1.0559, then 1.0583, and 1.0609, notes the Mataf.net analyst team.