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12 Sep 2013
USD/CAD blocked at 1.32
FXstreet.com (Chicago) - USD/CAD hit bottoms at 1.0306 and managed to bounce off lows after almost giving in the 1.03 front. The pair is blocked by a strong resistance at 1.032.
Price action reveals a strong resistance around the 1.32 zone as the pair failed at 4 attempts to break through the level. Trading at 1.0317, the pair navigates between supports at 1.0291 (August 15th lows), 1.0257 (July 29th lows) ahead of 1.0224 (June 13th highs) and resistances at 1.0321 (August 18th lows), 1.0347 (August 20th lows) followed by 1.0377 (September 10th highs). According to the FXstreet.com trend index, the pair is slightly bearish on one-hour timeframe analysis and is offered below the EMA20.
Later today, housing market data is expected in Canada and the US. The US is also releasing job market results and trade balance changes for August.
Price action reveals a strong resistance around the 1.32 zone as the pair failed at 4 attempts to break through the level. Trading at 1.0317, the pair navigates between supports at 1.0291 (August 15th lows), 1.0257 (July 29th lows) ahead of 1.0224 (June 13th highs) and resistances at 1.0321 (August 18th lows), 1.0347 (August 20th lows) followed by 1.0377 (September 10th highs). According to the FXstreet.com trend index, the pair is slightly bearish on one-hour timeframe analysis and is offered below the EMA20.
Later today, housing market data is expected in Canada and the US. The US is also releasing job market results and trade balance changes for August.