14 Nov 2013
USD/CAD takes off on U-turn towards 1.0460 front
FXstreet.com (Chicago) - USD/CAD reached 1.0468 session highs after a spike on reversal that ended bearish channel at Tokyo’s opening.
Ahead of housing data in Canada along the BoC review, market participants U-turned around 1.0439 session lows pushing the pair higher for a visit to the 1.0468 front. Yellen’s speech was perceived as dovish expecting no tapering any time soon.
USD/CAD Technical Levels
Price action reveals the pair is offered at 1.0456 and oscillates between the supports aligned at 1.0439 (October 30th lows), 1.0411 (November 1st lows) ahead of 1.0363 (October 24th highs) and the resistances set at 1.0461 (November 5th highs), 1.0488 (October 30th highs) followed by 1.0508 (November 12th highs). According to the FXstreet.com trend index, the pair is slightly bearish on one-hour timeframe analysis oscillating below the EMA20.
Ahead of housing data in Canada along the BoC review, market participants U-turned around 1.0439 session lows pushing the pair higher for a visit to the 1.0468 front. Yellen’s speech was perceived as dovish expecting no tapering any time soon.
USD/CAD Technical Levels
Price action reveals the pair is offered at 1.0456 and oscillates between the supports aligned at 1.0439 (October 30th lows), 1.0411 (November 1st lows) ahead of 1.0363 (October 24th highs) and the resistances set at 1.0461 (November 5th highs), 1.0488 (October 30th highs) followed by 1.0508 (November 12th highs). According to the FXstreet.com trend index, the pair is slightly bearish on one-hour timeframe analysis oscillating below the EMA20.