21 Aug 2013
USD/CAD, unstoppable? Peaks to 6-week highs
FXstreet.com (Chicago) - USD/CAD soared to 1.0482, 6-week highs, after the FOMC minutes release. Canadian stocks fell, dragging loonie down to mark 0.81% gains for the pair so far as the greenback continues strengthening.
Impulsive assessment?
The US stocks erased gains post FOMC minutes release but failed to maintain performance as they closed in negatives with the Dow plummeting within the past hour and dropping 0.70%, the Nasdaq losing 0.38% for the day and the S&P plummeting to 0.58% losses.
USD standing stronger
Technically speaking, the pair trades at 1.0476 between supports at 1.0458 (June 25th lows), 1.0445 (August 7th highs), 1.0423 (July 17th highs) and resistances at 1.0486 (June 29th lows), 1.0500 (July 9th lows), 1.0526 (July 10th highs). According to the FXstreet.com trend index, the pair is strongly bullish on one-hour timeframe analysis.
Impulsive assessment?
The US stocks erased gains post FOMC minutes release but failed to maintain performance as they closed in negatives with the Dow plummeting within the past hour and dropping 0.70%, the Nasdaq losing 0.38% for the day and the S&P plummeting to 0.58% losses.
USD standing stronger
Technically speaking, the pair trades at 1.0476 between supports at 1.0458 (June 25th lows), 1.0445 (August 7th highs), 1.0423 (July 17th highs) and resistances at 1.0486 (June 29th lows), 1.0500 (July 9th lows), 1.0526 (July 10th highs). According to the FXstreet.com trend index, the pair is strongly bullish on one-hour timeframe analysis.