3 Jul 2013
USD/CAD bounces off intraday lows
FXstreet.com (New York) - The USD/CAD foreign exchange rate recently bounced off the 1.0530 level during US trading, returning to its opening levels.
In Canada, International Merchandise Trade (May) yielded a figure of $-0.30B, beating expectations of $-0.73B. Moreover, Exports came in at $39.34B in May, missing estimates of $40.10B. Finally, Imports were reported at $39.64B in May, against a projection of $40.75B.
USD/CAD virtually unchanged off opening
In these moments Tuesday, the USD/CAD is now trading at 1.0550 Wednesday, having moved a marginal +0.01% above its opening. Mataf.net analysts identify the next short-term measures of resistance at 1.0585, then 1.0621, and eventually 1.0663. Meanwhile, support lies below at 1.0507, onto 1.0465, and 1.0429.
USD/CAD stability over 1.0530 extends bullishness
According to the Technical Analyst Team at ICN.com, “The USD/CAD managed to consolidate with daily closing above key resistance level, and is trading now above 1.0530. Prolonged stability above the referred to level indicates the possibility of extending bullishness during the upcoming period and failing the bearish correction.”
In Canada, International Merchandise Trade (May) yielded a figure of $-0.30B, beating expectations of $-0.73B. Moreover, Exports came in at $39.34B in May, missing estimates of $40.10B. Finally, Imports were reported at $39.64B in May, against a projection of $40.75B.
USD/CAD virtually unchanged off opening
In these moments Tuesday, the USD/CAD is now trading at 1.0550 Wednesday, having moved a marginal +0.01% above its opening. Mataf.net analysts identify the next short-term measures of resistance at 1.0585, then 1.0621, and eventually 1.0663. Meanwhile, support lies below at 1.0507, onto 1.0465, and 1.0429.
USD/CAD stability over 1.0530 extends bullishness
According to the Technical Analyst Team at ICN.com, “The USD/CAD managed to consolidate with daily closing above key resistance level, and is trading now above 1.0530. Prolonged stability above the referred to level indicates the possibility of extending bullishness during the upcoming period and failing the bearish correction.”