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1 Oct 2013
USD/CAD soars to 1.0317 highs
FXstreet.com (Chicago) - USD/CAD extended wins on Obama’s speech about his expectations from Congress tonight to prevent the US government shutdown.
The blaming game
After Obama blamed the US government shutdown on the Republicans’ unwillingness to work for the American people, bulls pushed the pair higher, bringing hope to market participants long on the dollar.
USD/CAD Technical Levels
Price action reveals a pair that bounces off from lows on the American trading session to print session highs at 1.0317 and trade at 1.0314 navigating between supports aligned at 1.0297 (September 19th highs), 1.0273 (September 23rd lows) ahead of 1.0245 (July 30th lows) and resistances set at 1.0316 (September 29th highs), 1.0340 (September 27th highs) followed by 1.0364 (September 11th highs). According to FXtimes, the pair “trades above the 200-Day SMA, so we expect to see a continuation of the uptrend, with a clear break above the 1.0380 resistance, right where both the 50-Day SMA and the 100-Day SMA reside, to extend gains towards the 1.0565, 1.0610 and 1.0660 resistances.”
The blaming game
After Obama blamed the US government shutdown on the Republicans’ unwillingness to work for the American people, bulls pushed the pair higher, bringing hope to market participants long on the dollar.
USD/CAD Technical Levels
Price action reveals a pair that bounces off from lows on the American trading session to print session highs at 1.0317 and trade at 1.0314 navigating between supports aligned at 1.0297 (September 19th highs), 1.0273 (September 23rd lows) ahead of 1.0245 (July 30th lows) and resistances set at 1.0316 (September 29th highs), 1.0340 (September 27th highs) followed by 1.0364 (September 11th highs). According to FXtimes, the pair “trades above the 200-Day SMA, so we expect to see a continuation of the uptrend, with a clear break above the 1.0380 resistance, right where both the 50-Day SMA and the 100-Day SMA reside, to extend gains towards the 1.0565, 1.0610 and 1.0660 resistances.”