2 Jul 2013
USD/CAD retraces higher
FXstreet.com (New York) - The USD/CAD technical pair peaked earlier at the 1.0580 level (intraday high), only to oscillate slightly off of its highs in recent moments.
In the United States, the Redbook Index (YoY) (June 23) yielded a figure of +2.9%, compared with a figure of +2.8% previously. Moreover, the Redbook Index (MoM) (June 23) came in at -0.5%, matching a previous result.
USD/CAD breaks above resistance
The USD/CAD is currently retracing higher towards 1.0565 in these moments, en route to a +0.64% gain Tuesday. After breaking above the 1.0556 resistance, the Danske Research Team has identified additional resistive measures at 1.0573, onto 1.0658.
USD/CAD price action still looks bullish
According to the TD Securities Team, “The USD/CAD has not made much progress so far this week, and continues consolidating in last week’s 1.0420/1.0550 range. Despite the limited range, price action still looks more bullish overall, with the potential makings of a bull flag of head & shoulders continuation pattern on the short-term charts.”
In the United States, the Redbook Index (YoY) (June 23) yielded a figure of +2.9%, compared with a figure of +2.8% previously. Moreover, the Redbook Index (MoM) (June 23) came in at -0.5%, matching a previous result.
USD/CAD breaks above resistance
The USD/CAD is currently retracing higher towards 1.0565 in these moments, en route to a +0.64% gain Tuesday. After breaking above the 1.0556 resistance, the Danske Research Team has identified additional resistive measures at 1.0573, onto 1.0658.
USD/CAD price action still looks bullish
According to the TD Securities Team, “The USD/CAD has not made much progress so far this week, and continues consolidating in last week’s 1.0420/1.0550 range. Despite the limited range, price action still looks more bullish overall, with the potential makings of a bull flag of head & shoulders continuation pattern on the short-term charts.”