25 Jul 2013
USD/CAD tumbled to new 1.0257 5-week lows
FXstreet.com (Chicago) - USD/CAD dropped to 5-week lows at 1.0257 as greenback weakened across all majors on Fed’s rumors.
Price action indicated a strong reaction to Fed’s remarks to be made official next week on continuation of $85B stimulus. Mixed job market and manufacturing results were evidenced by earlier jobless claims, indicating a slower than expected recovery.
With 0.53% lost since opening, the greenback was reported as slightly bearish by the FXstreet technical analysis team. The price bounced twice from 1.0262 key support levels after falling below 1.0288 support levels. MACD indicator presented sell signals on one hour time frame analysis. The pair traded at 1.0264 at moment of writing far below 1.0355 resistance.
Price action indicated a strong reaction to Fed’s remarks to be made official next week on continuation of $85B stimulus. Mixed job market and manufacturing results were evidenced by earlier jobless claims, indicating a slower than expected recovery.
With 0.53% lost since opening, the greenback was reported as slightly bearish by the FXstreet technical analysis team. The price bounced twice from 1.0262 key support levels after falling below 1.0288 support levels. MACD indicator presented sell signals on one hour time frame analysis. The pair traded at 1.0264 at moment of writing far below 1.0355 resistance.