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27 Aug 2013
USD/CAD searching for drivers to sustain advance, stable above 1.0500
FXstreet.com (New York) - The USD/CAD foreign exchange rate surrendered its earlier gains in the heights of 1.0542 (intraday high) Tuesday, easing back towards the direction of the 1.0500 barrier during US trading.
In the United States, S&P/Case-Shiller Home Price Indices (YoY) came in at +12.1% in June, beating estimates of +12.0%. In addition, the Redbook Index (MoM) grew by +0.3%, compared to a figure of +0.2% previously. Finally, the Redbook Index (MoM) yielded a figure of +3.8%, relative to +3.4% previously.
USD/CAD strategic bias
According to the Technical Analyst Team at ICN.com, “The USD/CAD failed to stabilize below 23.6% correction around 1.0495 pushing it back to the upside. The bearish harmonic Bat Pattern is still valid and trading below 1.0565 will keep the possibility of bringing bearishness back affected by this technical harmonic pattern. Stabilizing above 1.0585 could end the pattern’s effect and fail extending the downside move.”
USD/CAD technical levels
The USD/CAD is still residing in positive territory Tuesday at 1.0511, en route to a modest gain of +0.09% above it’s opening. In terms of the technical levels, the USD/CAD will look to test resistance at 1.0533, a break of which will open up 1.0551, and 1.0570, the Mataf.net analyst team.
In the United States, S&P/Case-Shiller Home Price Indices (YoY) came in at +12.1% in June, beating estimates of +12.0%. In addition, the Redbook Index (MoM) grew by +0.3%, compared to a figure of +0.2% previously. Finally, the Redbook Index (MoM) yielded a figure of +3.8%, relative to +3.4% previously.
USD/CAD strategic bias
According to the Technical Analyst Team at ICN.com, “The USD/CAD failed to stabilize below 23.6% correction around 1.0495 pushing it back to the upside. The bearish harmonic Bat Pattern is still valid and trading below 1.0565 will keep the possibility of bringing bearishness back affected by this technical harmonic pattern. Stabilizing above 1.0585 could end the pattern’s effect and fail extending the downside move.”
USD/CAD technical levels
The USD/CAD is still residing in positive territory Tuesday at 1.0511, en route to a modest gain of +0.09% above it’s opening. In terms of the technical levels, the USD/CAD will look to test resistance at 1.0533, a break of which will open up 1.0551, and 1.0570, the Mataf.net analyst team.