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17 Jul 2013
USD/CAD breaks above 1.0400 barrier
FXstreet.com (New York) - The USD/CAD rallied higher off the 1.0400 level Wednesday during US trading, showing signs of a strengthening USD despite numerous stimuli to the pair earlier, i.e. BoC decision and Bernanke speech.
The US economy has continued to grow at a "modest to moderate" pace from late May to early July across Fed's 12 Districts, according to the Beige Book, which described economic growth in the same terms as the last one.
Technically speaking, the USD/CAD is still trading in positive territory, now at 1.0419, and up a robust +0.45% in these moments. The Mataf.net analyst team points to resistances at 1.0429, onto 1.0475, and 1.0507
USD/CAD strategic bias
According to the TD Securities Team, “The GBP/JPY dropped below the bullish channel's support, however it found solid support at 149.80 that is attempting to restore positivity again. We prefer to stand aside after stopping our previous expectations so we could monitor the pair's behavior around pivotal levels, support 149.80 and resistance 150.75.”
The US economy has continued to grow at a "modest to moderate" pace from late May to early July across Fed's 12 Districts, according to the Beige Book, which described economic growth in the same terms as the last one.
Technically speaking, the USD/CAD is still trading in positive territory, now at 1.0419, and up a robust +0.45% in these moments. The Mataf.net analyst team points to resistances at 1.0429, onto 1.0475, and 1.0507
USD/CAD strategic bias
According to the TD Securities Team, “The GBP/JPY dropped below the bullish channel's support, however it found solid support at 149.80 that is attempting to restore positivity again. We prefer to stand aside after stopping our previous expectations so we could monitor the pair's behavior around pivotal levels, support 149.80 and resistance 150.75.”