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USD/CAD hits ceiling at 1.0293FXstreet.com (Chicago) - USD/CAD soared amid speculations on commodities demand triggered by positive Chinese production data but retraced shortly thereafter below 1.0293 zone.Price action indicated the pair respected supports at 1.0297 (July 31st lows), 1.0262 (July 24th lows) ahead of 1.0249 (July 29th lows) and resistances at 1.0300 (July 27th highs), 1.0312 (July 24th highs) followed by 1.0323 (July 20th lows) as it traded at 1.0290 at closing of American markets.The FXstreet trend index reported the pair as slightly bearish on one-hour timeframe analysis with daily losses adding up to 0.44% along a CCI indicator pointing down.OctaFX.Com - Please click here to see Financial News/Forex News on OctaFx official pageAug 9, 2013OctaFX.Com News Updates
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USD/CAD hits ceiling at 1.0293
FXstreet.com (Chicago) - USD/CAD soared amid speculations on commodities demand triggered by positive Chinese production data but retraced shortly thereafter below 1.0293 zone.
Price action indicated the pair respected supports at 1.0297 (July 31st lows), 1.0262 (July 24th lows) ahead of 1.0249 (July 29th lows) and resistances at 1.0300 (July 27th highs), 1.0312 (July 24th highs) followed by 1.0323 (July 20th lows) as it traded at 1.0290 at closing of American markets.
The FXstreet trend index reported the pair as slightly bearish on one-hour timeframe analysis with daily losses adding up to 0.44% along a CCI indicator pointing down.
OctaFX.Com - Please click here to see Financial News/Forex News on OctaFx official page
Aug 9, 2013
OctaFX.Com News Updates
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United States Redbook index (MoM) down to 0.2% in August 28 from previous 0.3%
FXStreet.com (Barcelona) For more information, read our latest forex news.
Sep 01,2015
OctaFX.Com News Updates
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Investors keep scaling back EUR shorts – Rabobank
FXStreet (Edinburgh) - Senior Market Strategist Christian Lawrence at Rabobank assessed the performance of EUR and USD according to the last positioning report.
Key Quotes
“Net EUR shorts dropped heavily again last week. This is consistent with the better tone of the EUR in the spot market and suggestive of investors unwinding carry trades as concerns about Chinese growth hit hard”.
“Net USD longs continue to decline. Although expectations of a rate hike have been fluctuating between September and December a growing minority have been calling for a later move in 2016”.
Sep 01,2015
OctaFX.Com News Updates
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United States ISM Manufacturing PMI came in at 51.1, below expectations (52.6) in August
FXStreet.com (Barcelona) For more information, read our latest forex news.
Sep 01,2015
OctaFX.Com News Updates
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EUR/USD uninspired by US data
FXStreet (Córdoba) - EUR/USD edged higher but overall it remained little changed following the release of softer-than-expected US ISM manufacturing PMI, in line with weak readings around the globe, and stronger than expected construction data.
US ISM manufacturing PMI came in at 51.1 in August, down from 52.7 the previous month and below the 52.6 expected. Meanwhile, construction spending rose by 0.7% in July, exceeding expectations of a 0.6% increase.
EUR/USD spiked to a session high of 1.1280 in the aftermath, but failed to pick up momentum and continued to trade near pre-data levels. At time of writing, the pair is trading at 1.1266, still 0.51% above its opening price.
EUR/USD key levels
In terms of technical levels, next resistances are seen at 1.1298/1.1300 (200-day SMA/psychological level), 1.1331 (Sep 1 high) and 1.1364 (Aug 27 high). On the downside, supports line up at 1.1207 (Sep 1 low), 1.1167 (Aug 31 low) and then 1.1155 (Aug 28 low).
Sep 01,2015
OctaFX.Com News Updates
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EUR/USD gravitates around 1.1250
FXStreet (Córdoba) - EUR/USD has continued to trade well-within its daily range, unable to set short-term direction and uninspired by the latest series of mixed US data as investors gear up for the ECB meeting on Thursday and the nonfarm payrolls on Friday.
EUR/USD peaked at 1.1330 during the European session but faced selling pressure at the 200-hour SMA and slid all the way back to 1.1230. The pair has spent the last hours in a range around 1.1250 and it was last trading at 1.1253, still 0.39% above its opening price.
Mixed US data fails to drive the dollar
On the data front, the ISM PMI showed August manufacturing activity expanded at its slowest pace in more than 2 years (51.1 versus 52.6 expected), while July construction spending rose 0.7% to the highest level since May 2008.
EUR/USD technical levels
As for technical levels, on the upside next resistances are seen at 1.1298/1.1300 (200-day SMA/psychological level), 1.1331 (Sep 1 high) and 1.1364 (Aug 27 high). On the downside, supports could be faced at 1.1207 (Sep 1 low), 1.1157/55 (21-day SMA/Aug 28 low).
Sep 01,2015
OctaFX.Com News Updates
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GBP/USD could test the 1.5170 area – OCBC Bank
FXStreet (Edinburgh) - Strategist Emmanuel Ng at OCBC Bank sees the likeliness of the pair re-visiting the 1.5170 area.
Key Quotes
“Post Jackson Hole and with BOE rate expectations still wavering, the GBP-USD may retain a heavy bias after the long weekend and as we head into a week rife with event/data risks”.
“Any success at detaching from the 200-day MA (1.53366) may see the 1.5170 floor threatened multisession”.
Sep 01,2015
OctaFX.Com News Updates