FUNDAMENTAL BEAM
USD/CAD posted modest gains last week, as the pair closed just above the 1.07 line. This marked the first time the pair has closed the trading week above 1.07 in over four years. There are no releases this week, as we begin 2014 on a quiet note. Here is an outlook on the major market-movers and an updated technical analysis for USD/CAD.
The only Canadian release this week, GDP, beat the estimate for a third straight month. In the US, strong Unemployment Claims and New Home Sales releases helped the US dollar gain ground late in the week at the expense of the Canadian currency.
TECHNICAL BEAM
This pair continue to rise despite strong data release coming out of Canada. Again the U.S Greenback continue to fare pretty much better against its counterpart as its stocks keep breaking higher high to record new all time record highs. This is expected as previously predicted in my post before now.
Hence, this week would see not much a difference as the pair is expected to complete a bullish wave 3 leg at 1.0859.
NOTE: Price
predictions produced by FibonacciPrice&PatternTrader may be
affected by unforeseen events like hurricane, earth quake, flood and
other natural disasters consequently changing price patterns already
predicted. Hence we advice strict adherence to money management
techniques.
HAPPY TRADING
No comments:
Post a Comment