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26 Aug 2013
USD/CAD falls apart as ‘Septaper’ comes in question
FXstreet.com (Athens): The USD/CAD collapsed on the release of US goods orders, as Fed has strictly connected ‘tapering’ with US solid economic data.
The notorious ‘Septapering’ puzzles investors
The ‘loonie’ soared against its major leading counter-part, after the depressing US news data. As long as, Fed insists on ‘'September would be an appropriate time to taper if the economic data is strong’’, traders might not find ‘out of the blue’, such kind of currency patterns. US Dollar slumped on Friday and its woes have continued into the last week of August. Sparked by a slew of weak housing data on Friday, today’s release US durable goods orders, pushed further the ‘greenback’.
Technical outlook on USD/CAD
At the time of writing, the pair is trading at 1.0508, up 0.02%, after having hit a daily low of 1.0495 after the news release The FXstreet.com Trend Index shows the pair to be slightly bearish. Daily pivot point support can be found at 1.0500, 1.0476, 1.0432 and resistance at 1.0580, 1.0610 and 1.0630, respectively.
The notorious ‘Septapering’ puzzles investors
The ‘loonie’ soared against its major leading counter-part, after the depressing US news data. As long as, Fed insists on ‘'September would be an appropriate time to taper if the economic data is strong’’, traders might not find ‘out of the blue’, such kind of currency patterns. US Dollar slumped on Friday and its woes have continued into the last week of August. Sparked by a slew of weak housing data on Friday, today’s release US durable goods orders, pushed further the ‘greenback’.
Technical outlook on USD/CAD
At the time of writing, the pair is trading at 1.0508, up 0.02%, after having hit a daily low of 1.0495 after the news release The FXstreet.com Trend Index shows the pair to be slightly bearish. Daily pivot point support can be found at 1.0500, 1.0476, 1.0432 and resistance at 1.0580, 1.0610 and 1.0630, respectively.