29 Aug 2013
USD/CAD capped at 1.0537 weekly highs
FXstreet.com (Chicago) - USD/CAD has soared 0.46% throughout Thursday’s session as the American trading journey continues to advance. The pair reached 1.0537 weekly highs (double top with August 16th highs), confirming consolidation above 1.05 zone.
Bullish Momentum
Price action reveals bullish sentiment in the American stock markets with the Dow up 0.33%, the Nasdaq higher 0.96% and the S&P 500 accumulating 0.47% gains so far. Bank reports by Barclays and the RBC indicate a modest/strong strengthening of the greenback this month confirmed by the greenback’s current performance with the US dollar index at 81.9628, up 0.69%. Gold and oil are declining, indicating ease off of worries across the board. In Canada, the S&P/TSX 60 is up 1.03% prior to UN meeting regarding Syria.
USD/CAD Technical Levels
Technically speaking, the pair trades at 1.0531 between supports at 1.0526 (August 22nd lows), 1.05 (August 26th highs) ahead of 1.0486 (June 28th lows) and resistances at 1.0540 (August 27th highs), 1.0567 (August 22nd highs) followed by 1.0584 (July 7th highs). According to the FXstreet.com trend index, the pair is slightly bullish on one-hour timeframe analysis and trades above the EMA20.
Bullish Momentum
Price action reveals bullish sentiment in the American stock markets with the Dow up 0.33%, the Nasdaq higher 0.96% and the S&P 500 accumulating 0.47% gains so far. Bank reports by Barclays and the RBC indicate a modest/strong strengthening of the greenback this month confirmed by the greenback’s current performance with the US dollar index at 81.9628, up 0.69%. Gold and oil are declining, indicating ease off of worries across the board. In Canada, the S&P/TSX 60 is up 1.03% prior to UN meeting regarding Syria.
USD/CAD Technical Levels
Technically speaking, the pair trades at 1.0531 between supports at 1.0526 (August 22nd lows), 1.05 (August 26th highs) ahead of 1.0486 (June 28th lows) and resistances at 1.0540 (August 27th highs), 1.0567 (August 22nd highs) followed by 1.0584 (July 7th highs). According to the FXstreet.com trend index, the pair is slightly bullish on one-hour timeframe analysis and trades above the EMA20.