2 Sep 2013
USD/CAD retraces from 1.0559 highs; flat gains
FXstreet.com (Chicago) - USD/CAD accumulated minimal gains at 0.03% throughout the American trading session. With no official data released on both nations that rested on Labor Day, the pair was at the mercy of correlated currencies.
Congress wanted
In the meantime, Obama’s decision to seek support for a Syrian military strike continues making headlines. This afternoon, the president is meeting Republican senators John McCain and Lindsey Graham to reinforce a potential yes from Congress. On Tuesday, the US expects ISM manufacturing data.
USD/CAD Technical Levels
Price action reveals the exhaustion of bullish rally after peaks reached at 1.0559. After a strong start in Asia, the pair was dragged down to bounce off lows at 1.0513 and navigate around opening levels at 1.0544. At 1.0543, the pair oscillates between supports at 1.0540 (August 28th highs), 1.0526 (July 10th highs) ahead of 1.0503 (July 8th lows) and resistances at 1.0567 (August 25th highs), 1.0584 (July 7th highs) followed by 1.0608 (July 5th highs). The FXstreet.com trend index reports the pair as slightly bullish on one-hour timeframe analysis and trades with a neutral EMA20.
Congress wanted
In the meantime, Obama’s decision to seek support for a Syrian military strike continues making headlines. This afternoon, the president is meeting Republican senators John McCain and Lindsey Graham to reinforce a potential yes from Congress. On Tuesday, the US expects ISM manufacturing data.
USD/CAD Technical Levels
Price action reveals the exhaustion of bullish rally after peaks reached at 1.0559. After a strong start in Asia, the pair was dragged down to bounce off lows at 1.0513 and navigate around opening levels at 1.0544. At 1.0543, the pair oscillates between supports at 1.0540 (August 28th highs), 1.0526 (July 10th highs) ahead of 1.0503 (July 8th lows) and resistances at 1.0567 (August 25th highs), 1.0584 (July 7th highs) followed by 1.0608 (July 5th highs). The FXstreet.com trend index reports the pair as slightly bullish on one-hour timeframe analysis and trades with a neutral EMA20.