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Forex: USD/CAD rallies after US and Canada data

From 1.0025 area, that was serving as resistance during the European morning, the USD/CAD broke through and rallied to as high as 1.0067 on Canada and US data releases.

Canada manufacturing shipments fell -3.1% in December, a wider drop than the -0.8% expected. US NY empire state manufacturing came in at 10.08 in February, surprising analysts that were only expecting an improvement from -7.78 to -2.00.

Although capacity utilization in the US improved from 78.8% (revised from 79.3%) to 79.1% in January, beating 78.9% consensus, industrial production fell -0.1%, instead of rising 0.2% as expected. Last month's data was revised lower, from 0.4% to 0.3%.

MIG Bank analysts expect the USD/CAD to edge lower as it has failed to break its resistance at 1.0100. "The inability to break the resistance area between 1.0057 and 1.0100 could be the start of a medium-term bearish reversal pattern", wrote analyst Bijoy Kar, pointing to an hourly resistance at 1.0044 (13/02/2013 high), while supports can be found at 1.0000 (14/02/2013 low) and 0.9933 (07/02/2013 low).

Forex Flash: Bunds look to get back on track in next 2-3 weeks – RBS

According to Dmytro Bondar, “the next 2-3 weeks are likely to be positive for Bunds, as the price has formed a bullish engulfing candlestick pattern on the weekly continuation chart and closed the 142.50 weekly bearish gap. Also, there is an inverse head and shoulders looming on the daily chart. These signals suggest a high likelihood of recovery to the next pivot point of 143.70/144.00, formed by Fibonacci retracements and 13-week moving average, and above to the 145.00 region.”
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