13 Nov 2013
USD/CAD trades range in light afternoon for data
FXstreet.com (Barcelona) - USD/CAD, presently down 0.38% at 1.0490, has been confined to a tight trading range today, posting a high at 1.0496, just below the two month high of 1.0509, and a low of 1.0480.
USD/CAD left to range in light day for fundamental drivers
With market focus today falling on GBP and the BoE Quarterly Inflation Report, USD/CAD has lacked any fundamental drivers to inspire a break out from the 16 pip range. The only news of relevance has been MBA Mortgage Applications which came in at -0.5, against previous of -2.8. Ahead this session we have short and long term US debt auctions too.
What USD/CAD levels and patterns have to be considered today?
Today’s pivot point can be found at 1.0488, with support for the pair at 1.0467 (S1), 1.0440 (S2) and 1.0419 (S3), and resistance above at 1.0515 (R1), 1.0536 (R2) and 1.0563 (R3). Special attention should be paid to the region between 1.0490-1.0524 where several technical levels are confluent today. Looking at candlestick patterns, a Piercing line can be found on the daily chart.
USD/CAD left to range in light day for fundamental drivers
With market focus today falling on GBP and the BoE Quarterly Inflation Report, USD/CAD has lacked any fundamental drivers to inspire a break out from the 16 pip range. The only news of relevance has been MBA Mortgage Applications which came in at -0.5, against previous of -2.8. Ahead this session we have short and long term US debt auctions too.
What USD/CAD levels and patterns have to be considered today?
Today’s pivot point can be found at 1.0488, with support for the pair at 1.0467 (S1), 1.0440 (S2) and 1.0419 (S3), and resistance above at 1.0515 (R1), 1.0536 (R2) and 1.0563 (R3). Special attention should be paid to the region between 1.0490-1.0524 where several technical levels are confluent today. Looking at candlestick patterns, a Piercing line can be found on the daily chart.