29 Aug 2013
USD/CAD testing the 1.0500 region
FXstreet.com (New York) - The USD/CAD foreign exchange rate briefly fell below the 1.0500 region Thursday (1.0477 intraday low), only to retrace higher in recent moments.
Earlier today in the United States, Gross Domestic Product Annualized (Q2) was reported at +2.5%, compared with a figure of +1.7% previously. In addition, Initial Jobless Claims came in at 331K, missing a consensus of 329K. Finally, Personal Consumption Expenditure Prices (QoQ) was unchanged in Q2, relative to +1.1% previously.
At this juncture, the USD/CAD is now testing 1.0503, securing a gain of +0.13% above its opening. Briefing the technicals, the USD/CAD will remain capped by resistances at 1.0509, ahead of 1.0529, and 1.0546, notes the Mataf.net analyst team.
USD/CAD strategic bias
According to the Technical Analyst Team at ICN.com, “The USD/CAD is still stable below 23.6% correction at 1.0500 keeping the possibility of extending the downside move. Linear Regression Indicator 34 supports our expectations and RSI is trading below line 50 and is trading in a negative bias. All of the above is supported by responding to the bearish harmonic Bat Pattern.”
Earlier today in the United States, Gross Domestic Product Annualized (Q2) was reported at +2.5%, compared with a figure of +1.7% previously. In addition, Initial Jobless Claims came in at 331K, missing a consensus of 329K. Finally, Personal Consumption Expenditure Prices (QoQ) was unchanged in Q2, relative to +1.1% previously.
At this juncture, the USD/CAD is now testing 1.0503, securing a gain of +0.13% above its opening. Briefing the technicals, the USD/CAD will remain capped by resistances at 1.0509, ahead of 1.0529, and 1.0546, notes the Mataf.net analyst team.
USD/CAD strategic bias
According to the Technical Analyst Team at ICN.com, “The USD/CAD is still stable below 23.6% correction at 1.0500 keeping the possibility of extending the downside move. Linear Regression Indicator 34 supports our expectations and RSI is trading below line 50 and is trading in a negative bias. All of the above is supported by responding to the bearish harmonic Bat Pattern.”