23 Sep 2013
USD/CAD awakens in the last half hour; around 1.0286
FXstreet.com (Chicago) - USD/CAD reacted on bullish pressure at the closing of Wall Street to recover partial losses suffered throughout the day. On weak US manufacturing data and ahead of retail sales data in Canada due tomorrow, the pair hovers around the EMA20.
Weak US economy
On Fed’s speeches, it was clear the Fed is not positive about the US economy, yet. Fisher said tapering would have undermined the credibility of the organization and Dudley said the economy needed to improve.
USD/CAD Technical Levels
Price action reveals a short-term upward trend despite primary and secondary trends pointing down. The pair tentatively exhausted an upswing after bouncing of the 1.0275 zone (session lows). Offered at 1.0283, the pair navigates between supports aligned at 1.0257 (September 20th lows), 1.0224 (September 18th highs) ahead of 1.0182 (September 19th lows) and resistances set at 1.0291 (September 10th lows), 1.0321 (September 16th highs) followed by 1.0347 (September 13th highs).
Weak US economy
On Fed’s speeches, it was clear the Fed is not positive about the US economy, yet. Fisher said tapering would have undermined the credibility of the organization and Dudley said the economy needed to improve.
USD/CAD Technical Levels
Price action reveals a short-term upward trend despite primary and secondary trends pointing down. The pair tentatively exhausted an upswing after bouncing of the 1.0275 zone (session lows). Offered at 1.0283, the pair navigates between supports aligned at 1.0257 (September 20th lows), 1.0224 (September 18th highs) ahead of 1.0182 (September 19th lows) and resistances set at 1.0291 (September 10th lows), 1.0321 (September 16th highs) followed by 1.0347 (September 13th highs).