1 July 2013, 17:54  USD/CAD foreign exchange rate regained

The USD/CAD foreign exchange rate regained the 1.0500 level earlier, only to recently fall off of a high of 1.0536 during a relatively subdued day for the pair. Canadian investors have off today given the holiday, however economic data was on tap south of the border. In the United States, the Markit Manufacturing PMI (June) came in at 51.9, beating expectations of 50.60. Presently, the USD/CAD technical pair is now trading at just 1.0521 incurring a marginal loss of -0.02% in these moments. Mataf.net analysts point to supports triggering at 1.0465, ahead of 1.0410, and finally 1.0365. Alternatively, a movement back to the upside will enable resistance at 1.0565, onto 1.0610. According to Technical Analyst Team at ICN.com, “The USD/CAD moved to the upside trading slightly above 1.0500 triggering the entry point suggested in our weekly report. The pair is still stable below key resistance level of the upside move forcing us to hold on to our negative expectations and indicating a bearish correction possibility”

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