The USD/CAD is trading around 1.3130, having marked 1.08 % down for the day after upbeat
Canadian economic data today. Inflation is up with 2.5% for June, beating the
expectations for 2.4% and retail sales also showed better than expected figures
- 2.0% rise in May against the forecasted 1.1%. Meanwhile the US dollar still
suffers because of Trump’s comments on Fed’s
policy that rate hikes are causing troubles on the economic progress.
Technically
speaking the short-term outlook remains bearish. On the four hour time frame
the prices is developing below its flat moving averages. RSI is locates at 38
and has lost directional strength. Stochastic is displaying strong downward
slope and has entered into oversold area.
The pair fell with almost 140 pips today from its daily high, surpassed the
1.3155 support area and is suggesting a slowdown of the bullish trend. Should
the pair break the next support at 1.3110 then doors are opened for testing
1.3065.
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