1 Aug 2013
USD/CAD taking off
FXstreet.com (Chicago) - USD/CAD surged on positive labor and manufacturing US performance results at 1.0348.
The greenback continued to strengthen against the Canadian dollar as market participants reacted to outperforming data for initial jobless claims at 326K vs. projected 345K and previous 343K along with a Markit Manufacturing Index at 53.7 vs. expected 53.1 and previous 53.2. Wall Street recorded an all time high as S&P topped 1,700 for the first time ever.
Technically speaking, the pair was strongly bullish according to the FXstreet trend index with price at 1.0337 at moment of writing, respecting supports at 1.0312 (July 25 highs), 1.0323 (July 23 highs), 1.0331 (May 25 highs) and resistances at 1.0348 (June 3 highs), 1.0326 (July 22 highs), 1.0371 (May 29 highs). Accumulating 0.61% gains, the MACD indicator pointed up confirmed by price above EMAs 20 and SMA200.
The greenback continued to strengthen against the Canadian dollar as market participants reacted to outperforming data for initial jobless claims at 326K vs. projected 345K and previous 343K along with a Markit Manufacturing Index at 53.7 vs. expected 53.1 and previous 53.2. Wall Street recorded an all time high as S&P topped 1,700 for the first time ever.
Technically speaking, the pair was strongly bullish according to the FXstreet trend index with price at 1.0337 at moment of writing, respecting supports at 1.0312 (July 25 highs), 1.0323 (July 23 highs), 1.0331 (May 25 highs) and resistances at 1.0348 (June 3 highs), 1.0326 (July 22 highs), 1.0371 (May 29 highs). Accumulating 0.61% gains, the MACD indicator pointed up confirmed by price above EMAs 20 and SMA200.