31 Jul 2013
USD/CAD bounces off lows towards 1.0260 region
FXstreet.com (New York) - The USD/CAD technical pair recently bottomed out at the 1.0245 level (intraday low), rebounding off this depth and moving higher in rapid fashion during US trading.
Earlier today in the United States, the highly anticipated FOMC interest rate decision came in at +0.25%, matching widespread expectations. At the time of writing, the USD/CAD is now operating at 1.0265, still incurring a sizable decline of -0.37% off its opening. Technically speaking, the Danske Research team cites the next measure of support at 1.0253, ahead of 1.0230, and 1.0170.
USD/CAD strategic bias
According to the Technical Analyst Team at ICN.com, “The USD/CAD fell sharply after reaching 1.0315 areas. The downside move confirms the ongoing effect of breaking 61.8% correction earlier in addition to the signals from Linear Regression Indicators. Therefore we expect the resumption of the downside move in the near-term.”
Earlier today in the United States, the highly anticipated FOMC interest rate decision came in at +0.25%, matching widespread expectations. At the time of writing, the USD/CAD is now operating at 1.0265, still incurring a sizable decline of -0.37% off its opening. Technically speaking, the Danske Research team cites the next measure of support at 1.0253, ahead of 1.0230, and 1.0170.
USD/CAD strategic bias
According to the Technical Analyst Team at ICN.com, “The USD/CAD fell sharply after reaching 1.0315 areas. The downside move confirms the ongoing effect of breaking 61.8% correction earlier in addition to the signals from Linear Regression Indicators. Therefore we expect the resumption of the downside move in the near-term.”