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26 Aug 2013
USD/CAD headed to 1.0600?
FXstreet.com (New York) - The USD/CAD technical pair has stabilized above the 1.0500 region Monday, having survived an earlier tumble on downtrodden US data.
In the United States, the Dallas Fed Manufacturing Business Index (August) was reported at 5.0, relative to a result of 4.4 previously. Earlier today, Durable Goods Orders (July) fell -7.3%, missing estimates of -3.0%. Meanwhile, Durable Goods Orders ex Transportation (July) yielded a figure of -0.6%, compared to a projection of +0.6%.
Despite trading well off its highs at 1.0535, the USD/CAD is still notching a positive gain of +0.07% above it’s opening, settling at 1.0519 in these moments. Briefing the technicals, the USD/CAD remains constrained by resistances at 1.0578, onto 1.0609, suggests the Danske Research Team.
USD/CAD strategic bias
According to the TD Securities Team, “The short-term charts show the USD/CAD well-supported around initial retracement support in overnight trading. Limited weakness is helping keep the broader trend positive. We expect for support on dips and for gains back through 1.0545/50 to drive funds to near 1.06.”
In the United States, the Dallas Fed Manufacturing Business Index (August) was reported at 5.0, relative to a result of 4.4 previously. Earlier today, Durable Goods Orders (July) fell -7.3%, missing estimates of -3.0%. Meanwhile, Durable Goods Orders ex Transportation (July) yielded a figure of -0.6%, compared to a projection of +0.6%.
Despite trading well off its highs at 1.0535, the USD/CAD is still notching a positive gain of +0.07% above it’s opening, settling at 1.0519 in these moments. Briefing the technicals, the USD/CAD remains constrained by resistances at 1.0578, onto 1.0609, suggests the Danske Research Team.
USD/CAD strategic bias
According to the TD Securities Team, “The short-term charts show the USD/CAD well-supported around initial retracement support in overnight trading. Limited weakness is helping keep the broader trend positive. We expect for support on dips and for gains back through 1.0545/50 to drive funds to near 1.06.”