4 Sep 2013
USD/CAD edging higher; Senate panel says yes to military strike
FXstreet.com (Chicago) - USD/CAD bounced off 1.0474 daily lows on potential reversal price movement. The pair has plunged at the release of Beige book results in the US indicating “modest” growth across the country and industry sectors.
Syrian conflict, Data
The US Senate Foreign Relations Committee voted in favor of a US military intervention in Syria with a “limited and specified manner against legitimate military targets” during a 60-day phase possible 30-day extension. Earlier in Canada, the international merchandise trade was $-0.93B vs. expected $39.80B while in the US trade balance was -$39.15B vs. expected $-38.70B. The interest rate decision of the BoC was maintained at 1% while Beige book results in the US were mostly “modest”.
USD/CAD Technical Levels
Technically speaking, the pair trades at 1.0491 between supports at 1.0485 (August 29th lows), 1.0471 (August 27th lows) ahead of 1.0453 (August 21st highs) and resistances at 1.0500 (August 22nd lows), 1.0532 (August 25th highs) followed by 1.0557 (September 1st highs). According to the FXstreet.com trend index, the pair is strongly bearish on one-hour timeframe analysis and remains below the EMA20.
Syrian conflict, Data
The US Senate Foreign Relations Committee voted in favor of a US military intervention in Syria with a “limited and specified manner against legitimate military targets” during a 60-day phase possible 30-day extension. Earlier in Canada, the international merchandise trade was $-0.93B vs. expected $39.80B while in the US trade balance was -$39.15B vs. expected $-38.70B. The interest rate decision of the BoC was maintained at 1% while Beige book results in the US were mostly “modest”.
USD/CAD Technical Levels
Technically speaking, the pair trades at 1.0491 between supports at 1.0485 (August 29th lows), 1.0471 (August 27th lows) ahead of 1.0453 (August 21st highs) and resistances at 1.0500 (August 22nd lows), 1.0532 (August 25th highs) followed by 1.0557 (September 1st highs). According to the FXstreet.com trend index, the pair is strongly bearish on one-hour timeframe analysis and remains below the EMA20.