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28 Aug 2013
USD/CAD testing the 1.0500 region
FXstreet.com (New York) - The USD/CAD foreign exchange rate surrendered its grip on the 1.0500 barrier earlier today, now situating itself for a push above it.
Wednesday is fairly scant in the datawires, however later today, the United States is slated to release housing data, coupled with the EIA Crude Oil Stocks Change. Moreover, escalation in Syria could also help move the pair.
USD/CAD strategic bias
According to the Technical Analyst Team at ICN.com, “The USD/CAD is trading in a negative bias due to trading below 23.6% correction of CD Leg of the bearish harmonic Bat Pattern. Trading below top D at 1.0565 keeps the possibility of a downside move valid. Linear Regression Indicator 34 became more negative supporting our expectations.”
USD/CAD technical levels
The USD/CAD is still residing in positive territory Tuesday at 1.0493, en route to a modest gain of +0.14% above it’s opening. In terms of the technical levels, the USD/CAD will look to test resistance at 1.0498, a break of which will open up 1.0527, and 1.0568, the Mataf.net analyst team.
Wednesday is fairly scant in the datawires, however later today, the United States is slated to release housing data, coupled with the EIA Crude Oil Stocks Change. Moreover, escalation in Syria could also help move the pair.
USD/CAD strategic bias
According to the Technical Analyst Team at ICN.com, “The USD/CAD is trading in a negative bias due to trading below 23.6% correction of CD Leg of the bearish harmonic Bat Pattern. Trading below top D at 1.0565 keeps the possibility of a downside move valid. Linear Regression Indicator 34 became more negative supporting our expectations.”
USD/CAD technical levels
The USD/CAD is still residing in positive territory Tuesday at 1.0493, en route to a modest gain of +0.14% above it’s opening. In terms of the technical levels, the USD/CAD will look to test resistance at 1.0498, a break of which will open up 1.0527, and 1.0568, the Mataf.net analyst team.