6 Nov 2013
USD/CAD stalled around session lows
FXstreet.com (Chicago) - USD/CAD remains heavy ahead of Wall Street closing accumulating over 303 pips lost on market reactions due to decreasing oil reserves in the US and mixed economic data in Canada.
Data recap
Earlier in the US, the EIA crude oil stocks change was 1.577M vs. expected 1.7M. Canadian results were mixed with the building permits at 1.7% vs. estimates at 6.0% while the Ivey purchasing managers index was 62.8 vs. expected 51 and past 51.9.
USD/CAD Technical Levels
Price action reveals the extension of a bearish channel that started at today’s afternoon peaks around the immediate resistance at 1.0420. Falling hard on oil reserve results, the pair accumulates 0.35% daily losses so far. Offered at 1.0417, it oscillates between the supports aligned at 1.0396 (October 29th lows), 1.0363 (October 24th lows) followed by 1.0330 (October 15th lows) and the resistances set at 1.0424 (October 28th lows), 1.0460 (November 5th highs) followed by 1.0489 (October 30th highs). According to the FXstreet.com trend index, the pair is strongly bearish on one-hour timeframe analysis below the EMA20.
Data recap
Earlier in the US, the EIA crude oil stocks change was 1.577M vs. expected 1.7M. Canadian results were mixed with the building permits at 1.7% vs. estimates at 6.0% while the Ivey purchasing managers index was 62.8 vs. expected 51 and past 51.9.
USD/CAD Technical Levels
Price action reveals the extension of a bearish channel that started at today’s afternoon peaks around the immediate resistance at 1.0420. Falling hard on oil reserve results, the pair accumulates 0.35% daily losses so far. Offered at 1.0417, it oscillates between the supports aligned at 1.0396 (October 29th lows), 1.0363 (October 24th lows) followed by 1.0330 (October 15th lows) and the resistances set at 1.0424 (October 28th lows), 1.0460 (November 5th highs) followed by 1.0489 (October 30th highs). According to the FXstreet.com trend index, the pair is strongly bearish on one-hour timeframe analysis below the EMA20.