3 Sep 2013
USD/CAD eliminates losses as recovery mounts
FXstreet.com (Lisbon) - The USD/CAD foreign exchange rate survived a scare that nearly took it below the 1.0500 level earlier, having now rebounded higher during US trading.
In the United States, ISM PMI Manufacturing was reported at 55.7 in August, beating expectations of 54.5. Markit Manufacturing PMI (August) came in at 53.1, missing estimates of 54.0, and compared with a figure of 53.7 previously.
USD/CAD technical levels
The USD/CAD has recovered very well off its earlier lows at 1.0507 Tuesday, now paring nearly all its losses to settle at 1.0545. Briefing the technicals, the USD/CAD is helped by supports at 1.0525, ahead of 1.0499, and 1.0483, notes the Mataf.net analyst team.
USD/CAD strategic bias
According to the Technical Analyst Team at ICN.com, “Momentum indicators shows that the USD/CAD failed to achieve a strong upside move, leaving it to trade below the previous top represented in top D of the bearish harmonic Bat Pattern at 1.0565. Therefore, we can use the convenient Risk/Reward ratio to suggest a downside move in the U.S. session, as long as the pair doesn’t breach 1.0565 levels.”
In the United States, ISM PMI Manufacturing was reported at 55.7 in August, beating expectations of 54.5. Markit Manufacturing PMI (August) came in at 53.1, missing estimates of 54.0, and compared with a figure of 53.7 previously.
USD/CAD technical levels
The USD/CAD has recovered very well off its earlier lows at 1.0507 Tuesday, now paring nearly all its losses to settle at 1.0545. Briefing the technicals, the USD/CAD is helped by supports at 1.0525, ahead of 1.0499, and 1.0483, notes the Mataf.net analyst team.
USD/CAD strategic bias
According to the Technical Analyst Team at ICN.com, “Momentum indicators shows that the USD/CAD failed to achieve a strong upside move, leaving it to trade below the previous top represented in top D of the bearish harmonic Bat Pattern at 1.0565. Therefore, we can use the convenient Risk/Reward ratio to suggest a downside move in the U.S. session, as long as the pair doesn’t breach 1.0565 levels.”