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11 Sep 2013
USD/CAD extends its soft undertone after dismal US data
FXstreet.com (Athens)- The USD/CAD is still heading on the downwards, especially after the US MBA mortgage applications released at worse levels.
Will the USD/CAD extend its prevailing downtrend or will it start to flatten out a little?
The USD/CAD was trading downwards since its Asian’s opening trading session and actually has been trading on the down side, since the Friday’s NFP. While, in the mid European trading hours, tried to figure out a more stabilized, uptrend mode, it soon pared all its gains after the disappointing release of MBA mortgage data.
Strategic Bias and Technical Outlook Perspective on USD/CAD
Greg Moore from TD securities suggests that “USD/CAD is retesting yesterday’s lows as our session gets underway. The soft undertone evident over the past week persists. Oil prices have improved a little in the overnight session after yesterday’s sell off but remain close to 5% off of the recent peaks. Commodity prices fell broadly yesterday and that may slow the CAD rise to some extent. The short-term charts suggest that the broader move lower in USD/CAD may be starting to flatten out a little—reflecting an easing in selling pressure. The USD struggled to move back above 1.0355/65 yesterday though at that area remains key short-term resistance (minor double bottom trigger if 1.0330/35 holds.” At the time of writing, the USD/CAD pair is trading at 1.0336, down 0.11%. The FXstreet.com Trend Index shows the pair to be slightly bearish in the 15-minutes timeframe chart. Daily pivot point support can be found at 1.0311, 1.0286, 1.0260, and resistance at 1.0365, 1.0395 and 1.0417, respectively.
Will the USD/CAD extend its prevailing downtrend or will it start to flatten out a little?
The USD/CAD was trading downwards since its Asian’s opening trading session and actually has been trading on the down side, since the Friday’s NFP. While, in the mid European trading hours, tried to figure out a more stabilized, uptrend mode, it soon pared all its gains after the disappointing release of MBA mortgage data.
Strategic Bias and Technical Outlook Perspective on USD/CAD
Greg Moore from TD securities suggests that “USD/CAD is retesting yesterday’s lows as our session gets underway. The soft undertone evident over the past week persists. Oil prices have improved a little in the overnight session after yesterday’s sell off but remain close to 5% off of the recent peaks. Commodity prices fell broadly yesterday and that may slow the CAD rise to some extent. The short-term charts suggest that the broader move lower in USD/CAD may be starting to flatten out a little—reflecting an easing in selling pressure. The USD struggled to move back above 1.0355/65 yesterday though at that area remains key short-term resistance (minor double bottom trigger if 1.0330/35 holds.” At the time of writing, the USD/CAD pair is trading at 1.0336, down 0.11%. The FXstreet.com Trend Index shows the pair to be slightly bearish in the 15-minutes timeframe chart. Daily pivot point support can be found at 1.0311, 1.0286, 1.0260, and resistance at 1.0365, 1.0395 and 1.0417, respectively.