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9 Aug 2013
USD/CAD collapses below 1.0300 level
FXstreet.com (New York) - The USD/CAD foreign exchange rate broke below the 1.0300 region Friday, opening up new losses and establishing fresh lows during US trading.
USD/CAD strategic bias
According to Technical Analyst Team at ICN.com, “By examining the one hour interval, we find that the USD/CAD does not have any bullish momentum to touch 1.0330 levels before moving to the downside. Linear Regression Indicators support the possibility of extending the downside move, whereas trading below 1.0300 now is negative and could push the pair further to the downside.”
The USD/CAD is now trading at 1.0278, incurring fresh lows en route to a -0.45% loss off its opening. The pair is now trading at its first support at 1.0277, a break of which will open up 1.0227 and 1.0150.
USD/CAD strategic bias
According to Technical Analyst Team at ICN.com, “By examining the one hour interval, we find that the USD/CAD does not have any bullish momentum to touch 1.0330 levels before moving to the downside. Linear Regression Indicators support the possibility of extending the downside move, whereas trading below 1.0300 now is negative and could push the pair further to the downside.”
The USD/CAD is now trading at 1.0278, incurring fresh lows en route to a -0.45% loss off its opening. The pair is now trading at its first support at 1.0277, a break of which will open up 1.0227 and 1.0150.