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16 Apr 2013
Forex: USD/CAD finds support as Draghi speaks
FXstreet.com (Barcelona) - Despite spiking higher in early trading, USD/CAD has declined today, and is currently finding an element of near term support as ECB President Draghi is speaking at the EU Parliament.
The pair initially climbed to post a high at 1.0257, coming close to confirming yesterdays high a pip higher, before declining throughout the European session. Spot made a daily low at 1.0204 but has found a touch of support where it is currently trading at 1.0215, just below the daily pivot point at 1.0216. Today´s data has seen an increase in Canadian overseas investment, but a decline in overseas investment in Canada, while in the US, data has largely been disappointing. Hourly Stochastics are at 17 and look to be heading deeper into oversold territory, while RSI remain relatively stable at 44.
The pair initially climbed to post a high at 1.0257, coming close to confirming yesterdays high a pip higher, before declining throughout the European session. Spot made a daily low at 1.0204 but has found a touch of support where it is currently trading at 1.0215, just below the daily pivot point at 1.0216. Today´s data has seen an increase in Canadian overseas investment, but a decline in overseas investment in Canada, while in the US, data has largely been disappointing. Hourly Stochastics are at 17 and look to be heading deeper into oversold territory, while RSI remain relatively stable at 44.