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6 Aug 2013
USD/CAD crumbles to 1.0358 daily lows
FXstreet.com (Chicago) - USD/CAD drifted down to mount up 0.17 losses at the close of Monday's journey, with 1.04 proving once again formidable resistance.
At closing bell in Wall Street, the greenback weakened against a stronger Canadian dollar. On outlook for prolific Canadian data releases starting with the Import/Export data (Tuesday), followed by the Ivey Purchasing Managers Index (Wednesday), and key Unemployment figures (Friday), high volatility might be expected.
Price action indicated a bearish trend as the pair dropped to intraday lows at 1.0358 below immediate support at 1.0372 (200-day SMA), ahead of 1.0346 (August 2 low), and 1.0331 (August 1 high). On the upside, resistances were located at 1.0362 (July 22 highs), 1.0371 (July 12 lows) and 1.0402 (August 2 high). The FXstreet trend index reported the pair as slightly bearish on one-hour timeframe analysis with a MACD indicator pointing down.
At closing bell in Wall Street, the greenback weakened against a stronger Canadian dollar. On outlook for prolific Canadian data releases starting with the Import/Export data (Tuesday), followed by the Ivey Purchasing Managers Index (Wednesday), and key Unemployment figures (Friday), high volatility might be expected.
Price action indicated a bearish trend as the pair dropped to intraday lows at 1.0358 below immediate support at 1.0372 (200-day SMA), ahead of 1.0346 (August 2 low), and 1.0331 (August 1 high). On the upside, resistances were located at 1.0362 (July 22 highs), 1.0371 (July 12 lows) and 1.0402 (August 2 high). The FXstreet trend index reported the pair as slightly bearish on one-hour timeframe analysis with a MACD indicator pointing down.