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8 Oct 2013
USD/CAD pulverizes resistances reaching 1.0375 monthly highs
FXstreet.com (Chicago) - USD/CAD soared to 1.0375 4-week highs pulverizing two immediate resistances for a stellar performance against the loonie. Accumulating 0.53% daily gains, the pair tops performers and accumulates 0.72% weekly gains so far.
Amid a political crisis in the US that finds no solutions, the dollar strengthens against a weakened loonie on Canadian data releases. At 193.6K, housing starts surpass expectations at 185K but a worse than expected international merchandise trade for August at $-1.31B vs. projected $-0.70B worries market participants who, despite President Obama’s and the republicans’ apparent efforts to negotiate and compromise.
USD/CAD Technical Levels
Technically speaking, the pair is offered at 1.0365 and oscillates between supports aligned at 1.0364 (September 10th highs), 1.0340 (September 26th highs) ahead of 1.0316 (September 17th highs) and the resistances set at 1.04 (August 3rd highs), 1.0440 (August 7th highs) followed by 1.0471 (August 28th lows). According to the FXstreet.com trend index, the pair is slightly bullish on one-hour timeframe analysis above the EMA20.
Amid a political crisis in the US that finds no solutions, the dollar strengthens against a weakened loonie on Canadian data releases. At 193.6K, housing starts surpass expectations at 185K but a worse than expected international merchandise trade for August at $-1.31B vs. projected $-0.70B worries market participants who, despite President Obama’s and the republicans’ apparent efforts to negotiate and compromise.
USD/CAD Technical Levels
Technically speaking, the pair is offered at 1.0365 and oscillates between supports aligned at 1.0364 (September 10th highs), 1.0340 (September 26th highs) ahead of 1.0316 (September 17th highs) and the resistances set at 1.04 (August 3rd highs), 1.0440 (August 7th highs) followed by 1.0471 (August 28th lows). According to the FXstreet.com trend index, the pair is slightly bullish on one-hour timeframe analysis above the EMA20.