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13 Sep 2013
USD/CAD storms to session highs
FXstreet.com (Lisbon) - The USD/CAD foreign exchange rate has rebounded off of earlier lows at the 1.3020 region Friday, thereby storming back into positive territory ahead of key US data.
Later today at 12:30 GMT, it will be a tranche of US data that will likely dictate the short-term direction of the pair, encapsulating Retail Sales and PPI data – followed later by the Reuters/Michigan Consumer Sentiment Index at 13:55 GMT.
USD/CAD strategic bias
According to the Technical Analyst Team at ICN.com, “The USD/CAD moved to the upside and Linear Regression Indicators are showing a positive crossover which is accompanied by trading below the harmonic key support level shown on graph. We cannot confirm the end of the bearish harmonic Bat Pattern, while the positive crossover showing on Linear Regression Indicators in addition to failing to trade below 88.6% at 1.0305 forces us to prefer to remain intraday neutral today.”
USD/CAD technical levels
In these moments the USD/CAD is now operating at 1.0345, now notching a +0.20% advance en route to session highs. Technically speaking, the USD/CAD will look to face resistance at 1.0367, ahead of 1.0390, and 1.0434, notes the Danske Research Team.
Later today at 12:30 GMT, it will be a tranche of US data that will likely dictate the short-term direction of the pair, encapsulating Retail Sales and PPI data – followed later by the Reuters/Michigan Consumer Sentiment Index at 13:55 GMT.
USD/CAD strategic bias
According to the Technical Analyst Team at ICN.com, “The USD/CAD moved to the upside and Linear Regression Indicators are showing a positive crossover which is accompanied by trading below the harmonic key support level shown on graph. We cannot confirm the end of the bearish harmonic Bat Pattern, while the positive crossover showing on Linear Regression Indicators in addition to failing to trade below 88.6% at 1.0305 forces us to prefer to remain intraday neutral today.”
USD/CAD technical levels
In these moments the USD/CAD is now operating at 1.0345, now notching a +0.20% advance en route to session highs. Technically speaking, the USD/CAD will look to face resistance at 1.0367, ahead of 1.0390, and 1.0434, notes the Danske Research Team.