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5 Aug 2013
USD/CAD weekly report, eyes key 1.0385 region
FXstreet.com (New York) - The USD/CAD took a tumble Monday during US trading, recently bottoming out at 1.0364 (intraday low), instigating a slight rebound.
USD/CAD event risk
Despite the muted impact of Canadian data to start off the week, the USD/CAD will face myriad stimuli out of the North American economy, beginning with the release of Import/Export data (Tuesday), followed by the Ivey Purchasing Managers Index (Wednesday), and key Unemployment figures (Friday).
USD/CAD strategic bias
According to the Technical Analyst Team at ICN.com, “The USD/CAD upside move on Friday pushed the pair to stabilize above 1.0385 but is now hovering around it. We find the pair currently stable below Linear Regression Indicator 55 where we can’t count on stabilizing above 1.0385 to expect positivity especially that the stochastic is reflecting overbought signals. The downside move also requires stability below 1.0385 again with daily closing. From here, we prefer to be neutral in our weekly report waiting for confirmation signals.”
The USD/CAD is now operating at a -0.17% loss, despite now having recovered off its lows to the 1.0373 level. Briefing the technicals, the USD/CAD will look to test support at 1.0372 (200-day SMA), ahead of 1.0346 (August 2 low), and 1.0331 (August 1 high). On the ascension, resistances are located at 1.0402 (August 2 high).
USD/CAD event risk
Despite the muted impact of Canadian data to start off the week, the USD/CAD will face myriad stimuli out of the North American economy, beginning with the release of Import/Export data (Tuesday), followed by the Ivey Purchasing Managers Index (Wednesday), and key Unemployment figures (Friday).
USD/CAD strategic bias
According to the Technical Analyst Team at ICN.com, “The USD/CAD upside move on Friday pushed the pair to stabilize above 1.0385 but is now hovering around it. We find the pair currently stable below Linear Regression Indicator 55 where we can’t count on stabilizing above 1.0385 to expect positivity especially that the stochastic is reflecting overbought signals. The downside move also requires stability below 1.0385 again with daily closing. From here, we prefer to be neutral in our weekly report waiting for confirmation signals.”
The USD/CAD is now operating at a -0.17% loss, despite now having recovered off its lows to the 1.0373 level. Briefing the technicals, the USD/CAD will look to test support at 1.0372 (200-day SMA), ahead of 1.0346 (August 2 low), and 1.0331 (August 1 high). On the ascension, resistances are located at 1.0402 (August 2 high).