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16 Dec 2013
USD/CAD’s climb on pause mode below 1.06
FXstreet.com (Chicago) - USD/CAD prints minimum gains ahead of the American trading session takeoff this week.
Data releases
Recently published US data reveals: a worse than expected Markit Manufacturing PMI at 54.4 vs. expected 55, a net long-term TIC flows at $35.4B vs. past 31.3B ahead of industrial production results for November. In Canada, the foreign portfolio investment in Canadian securities dropped while the Canadian portfolio investment in foreign securities increased.
USD/CAD Technical Levels
Price action reveals the pair is offered at 1.0590 and oscillates between the supports aligned at 1.0574 (session lows), 1.0560 (December 12th lows) ahead of 1.0531 (November 26th lows) and the resistances set at 1.0592 (November 29th highs), 1.619 (December 6th lows) ahead of 1.0655 (December 12th highs). The pair evidences an attempt to reverse from last week’s strong plunge and yet is pulled down by bearish pressure that maintains the price below the 1.06 zone.
Data releases
Recently published US data reveals: a worse than expected Markit Manufacturing PMI at 54.4 vs. expected 55, a net long-term TIC flows at $35.4B vs. past 31.3B ahead of industrial production results for November. In Canada, the foreign portfolio investment in Canadian securities dropped while the Canadian portfolio investment in foreign securities increased.
USD/CAD Technical Levels
Price action reveals the pair is offered at 1.0590 and oscillates between the supports aligned at 1.0574 (session lows), 1.0560 (December 12th lows) ahead of 1.0531 (November 26th lows) and the resistances set at 1.0592 (November 29th highs), 1.619 (December 6th lows) ahead of 1.0655 (December 12th highs). The pair evidences an attempt to reverse from last week’s strong plunge and yet is pulled down by bearish pressure that maintains the price below the 1.06 zone.