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2 Aug 2013
CAD/CHF cracking down amid speculations
FXstreet.com (Chicago) - CAD/CHF continued to drift down on rumors rooted on weaker-than-expected US job data.
The loonie continued to give in against the Swissy to accumulate 1.33% losses so far amid rumors that Fed might not reduce stimulus package after all. Price reflected bearish bias triggered among market participants on nonfarm payroll results at 162K vs. projected 184K. Canada is the biggest trading partner for the US which explains strong reaction in the market.
Trading at 0.8928 between supports at 0.8920 (June 22 lows), 0.8910 (June 21 lows), 0.8898 (June 23 highs) and resistances at 0.8942 (June 25 highs), 0.8959 (June 29 lows), 0.8971 (July 3 lows), the FXstreet.com technical studies reported pair as slightly bearish as price oscillated below moving averages for 20, 50 and 200 days and MACD pointed down.
The loonie continued to give in against the Swissy to accumulate 1.33% losses so far amid rumors that Fed might not reduce stimulus package after all. Price reflected bearish bias triggered among market participants on nonfarm payroll results at 162K vs. projected 184K. Canada is the biggest trading partner for the US which explains strong reaction in the market.
Trading at 0.8928 between supports at 0.8920 (June 22 lows), 0.8910 (June 21 lows), 0.8898 (June 23 highs) and resistances at 0.8942 (June 25 highs), 0.8959 (June 29 lows), 0.8971 (July 3 lows), the FXstreet.com technical studies reported pair as slightly bearish as price oscillated below moving averages for 20, 50 and 200 days and MACD pointed down.