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16 Aug 2013
USD/CAD, will gains be sustained?
FXstreet.com (Chicago) - USD/CAD has strengthened 0.49% throughout the day amid speculations on Fed’s tapering after the release of housing and job market data in the US.
Rumors linger
Speculations continue among market participants post labor and housing market data released in the US. Strongly correlated with oil performance, the loonie has retraced to top losers at -0.36%, against the dollar in terms of relative performance.
Technical Levels
Price action reveals a potential retracement from 1.0358 intraday highs as the pair is pressured down by bearish action. Trading at 1.0342, the pair oscillates between supports at 1.0334 (July 30th highs), 1.0323 (July 10th lows) ahead of 1.0312 (July 24th highs) and resistances at 1.0352 (July 17th lows), 1.0380 (June 4th highs) followed by 1.0400 (August 2nd highs). The FXstreet.com trend index reports the pair as slightly bullish on one-hour timeframe analysis as it trades above the EMA20 confirmed by a MACD pointing up on the same timeframe.
Rumors linger
Speculations continue among market participants post labor and housing market data released in the US. Strongly correlated with oil performance, the loonie has retraced to top losers at -0.36%, against the dollar in terms of relative performance.
Technical Levels
Price action reveals a potential retracement from 1.0358 intraday highs as the pair is pressured down by bearish action. Trading at 1.0342, the pair oscillates between supports at 1.0334 (July 30th highs), 1.0323 (July 10th lows) ahead of 1.0312 (July 24th highs) and resistances at 1.0352 (July 17th lows), 1.0380 (June 4th highs) followed by 1.0400 (August 2nd highs). The FXstreet.com trend index reports the pair as slightly bullish on one-hour timeframe analysis as it trades above the EMA20 confirmed by a MACD pointing up on the same timeframe.