6 Nov 2013
USD/CAD falls to daily lows at 1.0410
FXstreet.com (San Francisco) - After trading in a small range in between 1.0435 and 1.0450, the USD/CAD broke down to price at daily lows around 1.0410. Now the pair is trading at 1.0423.
The Canadian dollar was fueled by the better than expected Ivey PMI of 62.8 in September, up from 51.9 in August and well above expectations of 51.0. Initially, the pair showed almost no reaction after Building Permits in the Canadian economy expanded 1.7% on a month basis during September, missing the median at 6.0% albeit bettering August’s 20.0% contraction (revised).
With 0.35% daily losses, the USD/CAD's short perspective is slightly bearish according to the FXstreet.com trend index in the 1-hour chart. Indicators such as MACD, CCI and Momentum are pointing to the south while the stochastic is neutral.
Immediate support at 1.0398 (low Nov.4) followed by 1.0376 (cloud top) and then 1.0366 (low Oct.24). On the flip side, a breakout of 1.0490 (high Oct.31) would aim for 1.0497 (high Oct.30) and finally 1.0516 (high Sep.5).
The Canadian dollar was fueled by the better than expected Ivey PMI of 62.8 in September, up from 51.9 in August and well above expectations of 51.0. Initially, the pair showed almost no reaction after Building Permits in the Canadian economy expanded 1.7% on a month basis during September, missing the median at 6.0% albeit bettering August’s 20.0% contraction (revised).
With 0.35% daily losses, the USD/CAD's short perspective is slightly bearish according to the FXstreet.com trend index in the 1-hour chart. Indicators such as MACD, CCI and Momentum are pointing to the south while the stochastic is neutral.
Immediate support at 1.0398 (low Nov.4) followed by 1.0376 (cloud top) and then 1.0366 (low Oct.24). On the flip side, a breakout of 1.0490 (high Oct.31) would aim for 1.0497 (high Oct.30) and finally 1.0516 (high Sep.5).