9 Oct 2013
USD/CAD drifting away from monthly highs below 1.04
FXstreet.com (Chicago) - USD/CAD stretched to 1.0409 session highs shortly after the White House made announcements of a potential US government shutdown ending along with the publication of the FOMC minutes three weeks ago.
Data & Shutdown
Earlier US data released indicates there was a decrease in crude oil stocks reserves and a considerable improvement in housing market data in the country. Among rumors indicating there may be a solution to the US shutdown, now 1-week old, equity markets emerge from bottoms and print gains hours away from the closing of the American session.
USD/CAD Technical Levels
Technically speaking, the pair trades at 1.0388 and oscillates between the supports aligned at 1.0364 (September 10th highs), 1.0340 (September 26th highs) ahead of 1.0316 (September 17th highs) and the resistances set at 1.04 (August 3rd highs), 1.0440 (August 7th highs) followed by 1.0471 (August 28th lows). Having spiked above the immediate resistance, the pair fell back below the 1.04 zone but continues hanging above the intact upward trendline that started last September 18th. The FXstreet.com trend index reports the pair as slightly bullish on one-hour timeframe analysis above the EMA20.
Data & Shutdown
Earlier US data released indicates there was a decrease in crude oil stocks reserves and a considerable improvement in housing market data in the country. Among rumors indicating there may be a solution to the US shutdown, now 1-week old, equity markets emerge from bottoms and print gains hours away from the closing of the American session.
USD/CAD Technical Levels
Technically speaking, the pair trades at 1.0388 and oscillates between the supports aligned at 1.0364 (September 10th highs), 1.0340 (September 26th highs) ahead of 1.0316 (September 17th highs) and the resistances set at 1.04 (August 3rd highs), 1.0440 (August 7th highs) followed by 1.0471 (August 28th lows). Having spiked above the immediate resistance, the pair fell back below the 1.04 zone but continues hanging above the intact upward trendline that started last September 18th. The FXstreet.com trend index reports the pair as slightly bullish on one-hour timeframe analysis above the EMA20.