27 Jun 2013
USD/CAD eliminates losses after robust US home sales
FXstreet.com (New York) - The USD/CAD foreign exchange rate has successfully eliminated all of its daily losses, breaking into positive territory during US trading.
In the United States, Pending Home Sales (YoY) came in at +12.1% in May, compared to a result of +10.3% previously. In addition, Pending Home Sales (MoM) were reported at +6.7% in May, beating projections calling for +1.0%, and compared with a figure of +0.3% previously.
USD/CAD climbs out of earlier hole
Following a recent bout of strength that has gripped the pair, the USD/CAD is now edging higher to trade at 1.0475 barrier, now up +0.02%. “As a reaction to a sharp advance the USD/CAD is consolidating - support at 1.0396 should hold for now. On the rise, the focus is resistance at 1.0556 ahead of 1.0658, suggesting a bullish intraday outlook.” calculates Gareth Berry, a Research Analyst at UBS.
USD/CAD downside move still valid
According to the Technical Analyst Team at ICN.com, “The USD/CAD dropped today as the negative pressure extended after touching key resistance level of the ascending channel. The downside move is expected to extend and momentum indicators support these expectations.”
In the United States, Pending Home Sales (YoY) came in at +12.1% in May, compared to a result of +10.3% previously. In addition, Pending Home Sales (MoM) were reported at +6.7% in May, beating projections calling for +1.0%, and compared with a figure of +0.3% previously.
USD/CAD climbs out of earlier hole
Following a recent bout of strength that has gripped the pair, the USD/CAD is now edging higher to trade at 1.0475 barrier, now up +0.02%. “As a reaction to a sharp advance the USD/CAD is consolidating - support at 1.0396 should hold for now. On the rise, the focus is resistance at 1.0556 ahead of 1.0658, suggesting a bullish intraday outlook.” calculates Gareth Berry, a Research Analyst at UBS.
USD/CAD downside move still valid
According to the Technical Analyst Team at ICN.com, “The USD/CAD dropped today as the negative pressure extended after touching key resistance level of the ascending channel. The downside move is expected to extend and momentum indicators support these expectations.”