USDCAD Technical Analysis for January 8, 2013

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Intraday bias on the pair remains strong bullish as the pair was able to break resistance 1.0735, the highest it made since 3years and then made a new high at 1.0779 before the U.S trading session closed.

Demand for the pair was fueled on Tuesday after the Commerce Department said Canada’s trade deficit widened to 0.9Billion in November from a revised deficit of 0.9Billion in the previous Month.

Furthermore the service-sector of Canada published its Ivey PMI on Tuesday, a leading economic indicator, which shows contraction in the Canadian economy after falling below the 50.0 level. Economist had expected an improvement from 53.7 to 55.0 but a disappointing figure of 46.3 was seen which weakened the currency more.

A further upside is expected in the pair  as a test of resistance 1.0855 could be seen , a successful break of it could see the pair rise further to 1.1100.


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