25 Oct 2013
USD/CAD firm above 1.0430
FXstreet.com (Chicago) - USD/CAD continues trading around 2-month highs on release of US data with little to no reaction.
Data
Durable goods orders in the US beat expectations at 3.7% vs. estimates at 2.0% and past results at 0.1%. Ex transportation results were -0.1% vs. estimates at 0.5% and past results at current levels. In Canada, no data is expected to be released later on yet it’s worth recalling the BoC decision to maintain interest rates at 1%, dropping its hawkish view, along oil’s fall to levels not seen in almost 4 months.
USD/CAD Technical Levels
Price action reveals sideways movements in monthly charts although a steady climb is revealed with primary and secondary trends pointing up and an upward trendline intact. 4HR charts allow visualization of almost 2-month altitudes and a strong spike to the 1.0450 zone. Offered at 1.0436, the pair oscillates between the supports aligned at 1.0422 (October 16th highs), 1.04 (October 8th highs) ahead of 1.0382 (October 9th highs) and the resistances set at 1.0444 (August 5th highs), 1.0469 (September 4th lows) followed by 1.05 (August 21st lows).
Data
Durable goods orders in the US beat expectations at 3.7% vs. estimates at 2.0% and past results at 0.1%. Ex transportation results were -0.1% vs. estimates at 0.5% and past results at current levels. In Canada, no data is expected to be released later on yet it’s worth recalling the BoC decision to maintain interest rates at 1%, dropping its hawkish view, along oil’s fall to levels not seen in almost 4 months.
USD/CAD Technical Levels
Price action reveals sideways movements in monthly charts although a steady climb is revealed with primary and secondary trends pointing up and an upward trendline intact. 4HR charts allow visualization of almost 2-month altitudes and a strong spike to the 1.0450 zone. Offered at 1.0436, the pair oscillates between the supports aligned at 1.0422 (October 16th highs), 1.04 (October 8th highs) ahead of 1.0382 (October 9th highs) and the resistances set at 1.0444 (August 5th highs), 1.0469 (September 4th lows) followed by 1.05 (August 21st lows).