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7 Oct 2013
USD/CAD snaps back above 1.03 on corrective channel
FXstreet.com (Chicago) - USD/CAD was able to pull it off to jump back above the 1.03 zone after falling to 1.0290 session lows. Minutes away from Wall Street’s closing the pair prints flows on corrective movement.
Earlier in Canada, building permits were worse than expected at -21.2% vs. past 21.4% and expected -7.4%. In the US, consumer credit change was better than expected amid a debt ceiling tension that rises as time goes by and a paralyzed country due to the budget spending fight between republicans and democrats.
USD/CAD Technical Levels
Technically speaking, the pair trades at 1.0310 and oscillates between supports aligned at 1.0273 (September 30th lows), 1.0221 (June 13th highs) ahead of 1.0182 (September 18th lows) and the resistances set at 1.0316 (September 30th highs), 1.0340 (October 4th highs) followed by 1.0364 (September 10th highs). Trading below the EMA20, the pair accumulates 0.17% gains trying to discount to the 0.90% losses this month.
Earlier in Canada, building permits were worse than expected at -21.2% vs. past 21.4% and expected -7.4%. In the US, consumer credit change was better than expected amid a debt ceiling tension that rises as time goes by and a paralyzed country due to the budget spending fight between republicans and democrats.
USD/CAD Technical Levels
Technically speaking, the pair trades at 1.0310 and oscillates between supports aligned at 1.0273 (September 30th lows), 1.0221 (June 13th highs) ahead of 1.0182 (September 18th lows) and the resistances set at 1.0316 (September 30th highs), 1.0340 (October 4th highs) followed by 1.0364 (September 10th highs). Trading below the EMA20, the pair accumulates 0.17% gains trying to discount to the 0.90% losses this month.