FXstreet.com (Barcelona) - The USD/CAD strong upside, after definitely conquering the 1.0200 psychological level, has reached as high as 1.0250. The FOMC meeting confirmed no sign of real interest in QE3, which is strengthening the greenback, particularly against commodity currencies.
Meanwhile, WTI crude oil plunges by -1.61% to 84.60 as global economic slowdown fears rise and the market prepares for tomorrow’s release of China’s Q2 GDP, with consensus of a drop from 8.1% to 7.9%.
“USD/CAD has an hourly structure that suggests scope for a further squeeze higher to re-test the 1.0363 high”, wrote MIG Bank analyst Bijoy Kar. “Should this occur, it would mark 1.0101 as the higher low that we have been anticipating”, he added.
Meanwhile, WTI crude oil plunges by -1.61% to 84.60 as global economic slowdown fears rise and the market prepares for tomorrow’s release of China’s Q2 GDP, with consensus of a drop from 8.1% to 7.9%.
“USD/CAD has an hourly structure that suggests scope for a further squeeze higher to re-test the 1.0363 high”, wrote MIG Bank analyst Bijoy Kar. “Should this occur, it would mark 1.0101 as the higher low that we have been anticipating”, he added.
