FXstreet.com (Barcelona) - The Canadian dollar has surrendered most of its gains today on the heels of the Bernanke testimony that has triggered a market risk-off sentiment. Proponents of QE3 cannot be too pleased with the outcome thus far as the USD has advanced strongly across the board. Further accentuating this move is oil prices easing, settling presently at $88.50, the barrel.
Fed Chairman Bernanke highlighted softness in the economic growth and risks from Europe crisis, which are weighing on both global and domestic economic activity. He also said that the US economy faces additional headwinds such as the tight borrowing conditions for some businesses and households, and the restraining effects of fiscal policy and fiscal uncertainty.
The cross is currently trading in the region of 1.0158, advancing presently at a rate of +0.09% above its opening. The technical analysts at Mataf.net confirm the next short-term resistances at 1.0164, followed by 1.0185, and ultimately 1.0197. On the downside, the will encounter supportive structures at 1.0131, 1.0119, and finally 1.0098.
Fed Chairman Bernanke highlighted softness in the economic growth and risks from Europe crisis, which are weighing on both global and domestic economic activity. He also said that the US economy faces additional headwinds such as the tight borrowing conditions for some businesses and households, and the restraining effects of fiscal policy and fiscal uncertainty.
The cross is currently trading in the region of 1.0158, advancing presently at a rate of +0.09% above its opening. The technical analysts at Mataf.net confirm the next short-term resistances at 1.0164, followed by 1.0185, and ultimately 1.0197. On the downside, the will encounter supportive structures at 1.0131, 1.0119, and finally 1.0098.
