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19 Aug 2013
USD/CAD holds on to higher pressure despite retracement from 1.0348 highs
FXstreet.com (Chicago) - USD/CAD bulls were blocked by bears as the pair rose to 1.0348 to retrace on higher selling power.
In the US, 3 and 6-month bill auctions were released at 0.050% and 0.075% respectively. The stocks trade down dragged by strong Fed speculation and at the expectancy of the FOMC minutes and Jackson Hole Symposium. In Canada, stocks have suffered the largest decline in two weeks driven by sharp declines of gold and silver.
Price action indicates the pair continues hedging higher despite short retracement from 1.0348. At 1.0344, the FXstreet.com trend index considers the pair slightly bullish on one-hour timeframe analysis with 0.06% daily gains and a price above the EMA20. On the downside, supports are aligned at 1.0335 (July 30th highs), 1.0323 (July 24th highs) ahead of 1.0312 (August 12th highs) and the upside marks resistances set at 1.0352 (August 10th highs), 1.0363 (July 21st highs) followed by 1.0369 (August 14th highs).
In the US, 3 and 6-month bill auctions were released at 0.050% and 0.075% respectively. The stocks trade down dragged by strong Fed speculation and at the expectancy of the FOMC minutes and Jackson Hole Symposium. In Canada, stocks have suffered the largest decline in two weeks driven by sharp declines of gold and silver.
Price action indicates the pair continues hedging higher despite short retracement from 1.0348. At 1.0344, the FXstreet.com trend index considers the pair slightly bullish on one-hour timeframe analysis with 0.06% daily gains and a price above the EMA20. On the downside, supports are aligned at 1.0335 (July 30th highs), 1.0323 (July 24th highs) ahead of 1.0312 (August 12th highs) and the upside marks resistances set at 1.0352 (August 10th highs), 1.0363 (July 21st highs) followed by 1.0369 (August 14th highs).