Forex: USD/CAD declines but loses momentum post Bernanke speach
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USD/CAD
FXstreet.com (Barcelona) - Following Bernanke's Jackson Hole speech, USDCAD posted a low at 0.9860 following an initial spike which found resistance at 0.9898.
The Jackson Hole address appears to have given some comfort to markets by not confirming QE3 but merely leaving the door ajar should it be needed in the future. This has lead to initial USD weakening across the board but the reaction looks to be muted when considering the emphasis placed upon the event throughout the past week. Price is currently trading at 0.9867 having found some support at S3 at 0.9865 and should it break, Tuesday's low of 0.9842 would become the next foreseeable target.
Both European and US Equities remain in positive territory whilst commodities have softened into the European close.
The Jackson Hole address appears to have given some comfort to markets by not confirming QE3 but merely leaving the door ajar should it be needed in the future. This has lead to initial USD weakening across the board but the reaction looks to be muted when considering the emphasis placed upon the event throughout the past week. Price is currently trading at 0.9867 having found some support at S3 at 0.9865 and should it break, Tuesday's low of 0.9842 would become the next foreseeable target.
Both European and US Equities remain in positive territory whilst commodities have softened into the European close.
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