In Canada, Statistics Canada published Building Permits numbers for the month of June that rose 2.1%, beating expectations of a decline of 4.7%. Earlier, the office released employment information for the month of July
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In Canada, Statistics Canada published Building Permits numbers for the month of June that rose 2.1%, beating expectations of a decline of 4.7%. Earlier, the office released employment information for the month of July
USD/CAD jumps to as high as 0.9834 so far and the break of 0.9778 resistance confirms completion of the decline from 0.9912
The first area of short term resistance is observed at 0.9858, followed by 0.9935 and 1.0130. The first area of support is at 0.9663, with the subsequent supports at 0.9545 and 0.9350.
the pair has succeeded in closing it's week candle above level 0.9800 , and that's mean the up trend is still standing and the pair might head to 0.9840 and then 0.9870
While the USD/CAD has steadily declined over the week from Monday´s 3-month high around 0.9920, the pair seems to be running out of room to the downside at a 6-week low of 0.9620 as it finds firm support at that level.
The Canadian currency fell to the lowest since June 29 before a government report tomorrow that economists predict will show the nation’s employers added jobs for a fourth straight month
After the USD/CAD pair rose and achieved the mentioned targets through yesterday analysis, it is expected that it will continue rising targeting the resistance level 0.9904 which represents 100% of fibonacci's continuous level for the bearish direction and if the pair held above this level it will target the resistance level 1.0042 which represents 127% of fibonacci's continuous level.
The 200-Day SMA comes in by the 0.9800 figure and a break and close back above this longer-term moving average will open the door for a more sizable shift in the overall construct of the market. In the interim, look for any intraday setbacks to be well supported above 0.9600.
While the USD/CAD has steadily declined over the week from Monday´s 3-month high around 0.9920, the pair seems to be running out of room to the downside at a 6-week low of 0.9620 as it finds firm support at that level.
Level of 0.9780, the pair bounced up strongly and is now gradually approaching the level of 127.2% correct when the rising price of 0.9880. The break of this level is necessary to confirm the continuity of the upward trend. Stochastic despite its proximity to the overbought but it shows the features of an emerging trend,