USD/CAD pushed below key 1.30
psychological mark yesterday after the upbeat
Canadian economic data, especially the
better than
expected monthly GDP growth numbers. The
pair managed to find some support at 1.1280 and today is trading higher with
current market price 1.3018.
Technically speaking the short-term outlook remains neutral to bullish. On the four hour time frame the price is developing below its moving averages. RSI is showing slow bullish momentum and is close to its mid-line. Stochastic is displaying strong upward movement above its mid-line.
The pair will meet first resistance at 1.3040, which if broken, the upward recovery could be extended towards 1.3095-1.3100 area. The downside remains supported by the 1.30 handle and lower at 1.2985.
While the Loonie is influenced by the weaker oil prices , the US dollar is gaining positive traction and is getting more attractive ahead of today’s FOMC monetary policy decision and a good set of US economic releases - ADP report on private sector employment, ISM manufacturing PMI and the official EIA crude oil inventories report, which will bring fresh impetus.
Technically speaking the short-term outlook remains neutral to bullish. On the four hour time frame the price is developing below its moving averages. RSI is showing slow bullish momentum and is close to its mid-line. Stochastic is displaying strong upward movement above its mid-line.
The pair will meet first resistance at 1.3040, which if broken, the upward recovery could be extended towards 1.3095-1.3100 area. The downside remains supported by the 1.30 handle and lower at 1.2985.
While the Loonie is influenced by the weaker oil prices , the US dollar is gaining positive traction and is getting more attractive ahead of today’s FOMC monetary policy decision and a good set of US economic releases - ADP report on private sector employment, ISM manufacturing PMI and the official EIA crude oil inventories report, which will bring fresh impetus.
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