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11 Sep 2013
USD/CAD struggles to get out of 1.0325 3-week depths
FXstreet.com (Chicago) - USD/CAD has been unable to break through 1.0330 zone as it struggles by the bearish pressure that maintains the pair glued to 3-week depths around the 1.0325 zone.
Oil up
Price action reveals downward primary and secondary trend lines with short-term movement modeling the latter. The pair hit 3-week bottoms at 1.0324 a couple of hours ago and was capped by a strong 1.0340 resistance. In the US, the EIA crude oil stocks change indicates an outperforming result at -0.219M vs. expected -2.200M. Crude oil is currently trading at $107.76 for a 0.34% after an earlier drop before the $107 level. Market participants wait for today’s meeting conclusions on Syria after the US, Britain, China, Russia and France meet in a few hours.
USD/CAD Technical Levels
Offered at 1.0329, the pair oscillates between supports at 1.0321 (August 16th highs), 1.0291 (August 15th lows) ahead of 1.0257 (July 30th lows) and resistances at 1.0347 (August 18th highs), 1.0402 (August 2nd highs) followed by 1.0440 (August 6th highs). The FXstreet.com trend index reports the pair as strongly bearish on one-hour timeframe analysis and is offered below the EMA20.
Oil up
Price action reveals downward primary and secondary trend lines with short-term movement modeling the latter. The pair hit 3-week bottoms at 1.0324 a couple of hours ago and was capped by a strong 1.0340 resistance. In the US, the EIA crude oil stocks change indicates an outperforming result at -0.219M vs. expected -2.200M. Crude oil is currently trading at $107.76 for a 0.34% after an earlier drop before the $107 level. Market participants wait for today’s meeting conclusions on Syria after the US, Britain, China, Russia and France meet in a few hours.
USD/CAD Technical Levels
Offered at 1.0329, the pair oscillates between supports at 1.0321 (August 16th highs), 1.0291 (August 15th lows) ahead of 1.0257 (July 30th lows) and resistances at 1.0347 (August 18th highs), 1.0402 (August 2nd highs) followed by 1.0440 (August 6th highs). The FXstreet.com trend index reports the pair as strongly bearish on one-hour timeframe analysis and is offered below the EMA20.