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19 Sep 2013
USD/CAD soars to 1.0267 session highs
FXstreet.com (Chicago) - USD/CAD extended the short-term bullish channel respecting the steep upward trendline originated after reversal from 1.0181 session lows. The pair continues edging higher as a stronger greenback advances 0.46% against the loonie prior to the closing of the American trading session.
Stronger dollar
Price action reveals the extension of an upward trendline triggered after market participants reacted positively to better than expected job market data in the US. At 309K, initial jobless claims outbeat expectations at 330K while continuing jobless claims dropped to 2.787M from 2.815M. The Fed said no tapering would be made until unemployment was low and inflation at targeted levels leaving undefined dates for when to expect tapering. In Canada, wholesale sales were 1.5% vs. past -3.1% and expected 1.0%.
USD/CAD Technical Levels
Offered at 1.0258, the pair oscillates between supports aligned at 1.0257 (August 1st lows), 1.0224 (June 17th highs) ahead of 1.0182 (session lows) and resistances set at 1.0291 (August 16th lows), 1.0321 (August 20th lows) followed by 1.0347 (August 12th highs). According to the FXstreet.com trend index, the pair is slightly bullish on one-hour timeframe analysis and hovers above the EMA20.
Stronger dollar
Price action reveals the extension of an upward trendline triggered after market participants reacted positively to better than expected job market data in the US. At 309K, initial jobless claims outbeat expectations at 330K while continuing jobless claims dropped to 2.787M from 2.815M. The Fed said no tapering would be made until unemployment was low and inflation at targeted levels leaving undefined dates for when to expect tapering. In Canada, wholesale sales were 1.5% vs. past -3.1% and expected 1.0%.
USD/CAD Technical Levels
Offered at 1.0258, the pair oscillates between supports aligned at 1.0257 (August 1st lows), 1.0224 (June 17th highs) ahead of 1.0182 (session lows) and resistances set at 1.0291 (August 16th lows), 1.0321 (August 20th lows) followed by 1.0347 (August 12th highs). According to the FXstreet.com trend index, the pair is slightly bullish on one-hour timeframe analysis and hovers above the EMA20.