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9 Jul 2013
USD/CAD trading at 55-day MA
FXstreet.com (New York) - The USD/CAD foreign exchange rate has recently bounced off the 1.0525 level during the latter stages of US trading.
The upcoming FOMC minutes tomorrow at 18:00 GMT will highlight the marquee event of the day, as investors will be tuned in for new cues regarding the timetable for QE-tapering.
Strategic bias
According to the Technical Analyst Team at ICN.com, “The USD/CAD dropped touching 1.0530 levels before rebounding to the upside, as we see the pair’s response to that level that started to gain a bullish momentum. Bullishness might extend further today as long as levels 1.0485 are not broken, whereas we prefer stabilizing above 1.0530 to keep this opportunity”
Technically speaking, the USD/CAD is trading sideways along its 55-day MA during the afternoon of US trading Tuesday. At this juncture, the pair is now operating at 1.0530, clinging to negative territory and experiencing a -0.25% loss to close out the day.
The upcoming FOMC minutes tomorrow at 18:00 GMT will highlight the marquee event of the day, as investors will be tuned in for new cues regarding the timetable for QE-tapering.
Strategic bias
According to the Technical Analyst Team at ICN.com, “The USD/CAD dropped touching 1.0530 levels before rebounding to the upside, as we see the pair’s response to that level that started to gain a bullish momentum. Bullishness might extend further today as long as levels 1.0485 are not broken, whereas we prefer stabilizing above 1.0530 to keep this opportunity”
Technically speaking, the USD/CAD is trading sideways along its 55-day MA during the afternoon of US trading Tuesday. At this juncture, the pair is now operating at 1.0530, clinging to negative territory and experiencing a -0.25% loss to close out the day.