24 Jul 2013
USD/CAD recovery movement stalls
FXstreet.com (New York) - The USD/CAD foreign exchange rate found itself again in negative territory after a recovery movement stalled at the 1.0285 level earlier, culminating in a move downwards.
In the United States, Markit Manufacturing PMI (July) came in at 53.2, beating estimates of 51.9, and compared with a figure of 51.9 previously.
Presently, the USD/CAD has descended towards the 1.0277 region, operating at a -0.09% loss thus far. Briefing the technicals, the pair remains fortified by support at 1.0266 (session low), ahead of 1.0235, and 1.0194, notes the Mataf.net analyst team.
USD/CAD strategic bias
According to the TD Securities Team, “THE USD/CAD continues to push back against the June rally. Meanwhile, the pair looks oversold across a range of timeframes and we are starting to push up against some important (for us) short and medium-term support points in the 1.0250/80 area. We remain longer-term USD/CAD bulls and think the move down in funds should start to slow but turning this move around may take a little while.”
In the United States, Markit Manufacturing PMI (July) came in at 53.2, beating estimates of 51.9, and compared with a figure of 51.9 previously.
Presently, the USD/CAD has descended towards the 1.0277 region, operating at a -0.09% loss thus far. Briefing the technicals, the pair remains fortified by support at 1.0266 (session low), ahead of 1.0235, and 1.0194, notes the Mataf.net analyst team.
USD/CAD strategic bias
According to the TD Securities Team, “THE USD/CAD continues to push back against the June rally. Meanwhile, the pair looks oversold across a range of timeframes and we are starting to push up against some important (for us) short and medium-term support points in the 1.0250/80 area. We remain longer-term USD/CAD bulls and think the move down in funds should start to slow but turning this move around may take a little while.”