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Forex pairs in this Article » USD/CAD
FXstreet.com (Barcelona) - The USDCAD has plunged 25 pips on the heels of mixed data in the United States Thursday, dragging the pair further south towards the region of 0.9841 (currently trading near session lows). This move represents a stark departure from yesterdays trend in which a mostly positive directional movement was observed as crude oil prices roiled the pair.

In the United States, Initial Jobless Claims (September 29) yielded a result of only 367K, lower than the projected 370K, and compared with 363K previously. Furthermore, Continuing Jobless Claims (September 22) were reported at only 3.281M, missing consensus expectations of 3.271M. Later today at 14:00 GMT, the Ivey Purchasing Managers Index is scheduled for release in the Canadian economy. The price of crude oil has also helped secure the pairs decline today, as the price has presently settled at the figure of USD $89.20, up +1.20%.

"The pair is trending lower below its constituent linear regression indicators and that might assist the USDCAD in breaching the main support of the formation that is close to a Rising Wedge. We depend today on the prolonged stability below the 0.9870 level to hold onto our expectations." wrote the Technical Analyst Team at ICN.com.

In these moments, the cross is suffering from a -0.32% decline off its opening price. ICN.com analysts point towards the next supportive measures at 0.9800, 0.9780, and finally 0.9715. In the event of a retracement or recovery-oriented movement, the pair will meet resistance at 0.9870, followed by 0.9900, and 0.9935.
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