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16 Jul 2013
USD/CAD falls to 1.3080
FXstreet.com (San Francisco) - The US dollar is trading lower against its Canadian competitor and after falling around 50 pips in the last hour from 1.0430, the USD/CAD has broken down the 1.0400 area and it reached fresh intra-day low at 1.0380.
Currently, the USD/CAD is pricing at 1.0390, 0.37% negative on the day. The short term perspective is slightly bearish according to the FXstreet.com trend index in the 15-minute chart. Indicators such as MACD, CCI and Momentum are pointing to the south while the Stochastic is bullish.
USD/CAD strategic bias
According to the TD Securities Team, “Although the USD/CAD has not moved that much overnight, it is under some pressure on the charts as the consolidation from last week’s dip to the low 1.03 area (bear wedge/flag) looks at some risk of breaking down. We remain broadly USD-bullish despite the evolution in price over the past day or so but a push through 1.0400/05 would suggest a return to the low 1.03 area.”
Currently, the USD/CAD is pricing at 1.0390, 0.37% negative on the day. The short term perspective is slightly bearish according to the FXstreet.com trend index in the 15-minute chart. Indicators such as MACD, CCI and Momentum are pointing to the south while the Stochastic is bullish.
USD/CAD strategic bias
According to the TD Securities Team, “Although the USD/CAD has not moved that much overnight, it is under some pressure on the charts as the consolidation from last week’s dip to the low 1.03 area (bear wedge/flag) looks at some risk of breaking down. We remain broadly USD-bullish despite the evolution in price over the past day or so but a push through 1.0400/05 would suggest a return to the low 1.03 area.”