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6 Sep 2013
USD/CAD buried in negativity ahead of NFP
FXstreet.com (Lisbon) - The USD/CAD foreign exchange rate has been on the wrong end of trading Friday, buried in the depths of the 1.0450 region ahead of key releases.
Within the hour investors will learn of key economic data out of both North American economies, perhaps none so more important than Nonfarm payrolls in the US.
USD/CAD strategic bias
According to the Technical Analyst Team at ICN.com, “The USD/CAD is trading below 23.6% correction of CD Leg of the bearish harmonic Bat Pattern which might extend the downside move affected by the referred to harmonic pattern and might touch the first target of the pattern represented in 38.2% correction at 1.0455; breaking 1.0455 levels increases the possibility of touching the second target at 1.0385 represented in 61.8%. All these negative expectations requires stability below 1.0565, but today the pair has to stabilize below 1.0530 to keep the bearish possibility.”
USD/CAD technical levels
The USD/CAD is incurring sizable losses of -0.53% off its opening as the USD finds itself under siege Friday – presently the pair has settled at 1.0479 in these moments. Technically speaking, the USD/CAD will be bolstered by measures of support at 1.0445, ahead of 1.0402, notes the Danske Research team.
Within the hour investors will learn of key economic data out of both North American economies, perhaps none so more important than Nonfarm payrolls in the US.
USD/CAD strategic bias
According to the Technical Analyst Team at ICN.com, “The USD/CAD is trading below 23.6% correction of CD Leg of the bearish harmonic Bat Pattern which might extend the downside move affected by the referred to harmonic pattern and might touch the first target of the pattern represented in 38.2% correction at 1.0455; breaking 1.0455 levels increases the possibility of touching the second target at 1.0385 represented in 61.8%. All these negative expectations requires stability below 1.0565, but today the pair has to stabilize below 1.0530 to keep the bearish possibility.”
USD/CAD technical levels
The USD/CAD is incurring sizable losses of -0.53% off its opening as the USD finds itself under siege Friday – presently the pair has settled at 1.0479 in these moments. Technically speaking, the USD/CAD will be bolstered by measures of support at 1.0445, ahead of 1.0402, notes the Danske Research team.