Forex: USD/CAD moving upwards again

on May 17, 2013

Yesterday the currency scored an opening price at 1.0156 and a closing price at 1.0187. The low and the high of Thursday 16th are respectively at 1.0150 and 1.0208. Just like in all of its crosses the USD dropped to the CAD as well, after the negative data from the US releases yesterday. The influence of news on the price hasn’t lasted for long though, with the pair finding support at 1.0150 and during the American and Asian trading hours following on from yesterday’s European market has risen above the high from Wednesday 15th. Right at the moment the price is around the 1.0250 level. The daily MACD and RSI indicators are showing bullish movement. USD/CAD is trading above its 20 hour and 50 hour moving averages. The price is already touching the trend line over the tops of the consolidation pattern from the beginning of March. A break above it should target 1.0400.

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Today from Canada the core CPI m/m, CPI m/m and wholesale sales m/m reports are scheduled to be released at 1.30 pm GMT. And from the States at around 3.00pm GMT the reports on preliminary UoM consumer sentiment and Conference Board leading index m/m reports are to be announced, with an expected rise in both. At 4.00pm GMT the FED’s chairman Ben Bernanke will be speaking.


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