22 Aug 2013
USD/CAD breaks the support of 1.0500 after dismal US jobs data
FXstreet.com (Athens) - USD/CAD did not sustain the support of 1.0500 area, on worse than expected US initial jobless claims.
The pair is struggling to maintain the support of the 1.0500 area, after the US initial jobless claims released worse than expected (336K versus 330K expected, from 323K ; revised higher from 320K). Despite the fact that the Canadian retail sales also let down investors, the ‘loonie’ managed to outperform its American counter-part, as softer Canadian retails sales were well expected, after the outsized rally in May.
Technical outlook on USD/CAD
At the time of writing, the USD/CAD is trading at 1.0506, up 0.29%, after having broken the area of 1.0500 (1.0498), on US news release. Traders might see the tomorrow’s release of Canadian CPI, having an impact in the pair. The FXstreet.com Trend Index shows the pair to be slightly bullish. Daily pivot point support can be found at 1.0484,1.0358, 1.0432 and resistance at 1.0517, 1.0553 and 1.0580, respectively.
The pair is struggling to maintain the support of the 1.0500 area, after the US initial jobless claims released worse than expected (336K versus 330K expected, from 323K ; revised higher from 320K). Despite the fact that the Canadian retail sales also let down investors, the ‘loonie’ managed to outperform its American counter-part, as softer Canadian retails sales were well expected, after the outsized rally in May.
Technical outlook on USD/CAD
At the time of writing, the USD/CAD is trading at 1.0506, up 0.29%, after having broken the area of 1.0500 (1.0498), on US news release. Traders might see the tomorrow’s release of Canadian CPI, having an impact in the pair. The FXstreet.com Trend Index shows the pair to be slightly bullish. Daily pivot point support can be found at 1.0484,1.0358, 1.0432 and resistance at 1.0517, 1.0553 and 1.0580, respectively.