Forex Account – A forex analyst of an overseas institution said in the Asia forex market on Tuesday that due to the strong performance of US index in the forex market, as well as the slump down of the price of goods, the forex rate of USD/CAD was closed high for three days in succession, and refreshed the highest point for one month. In the afternoon session in the Asia forex market on Tuesday, the forex rate of USD/CAD got an adjustment according to the middle bearish line, and the floating range was between 1.0510 and 1.0570 in the forex market.
So far at president the supporting elements for the forex rate of USD/CAD include: the USD index got stabilized above 83.00, and the price of crude oil slumped below 73.00 US dollars per barrel, and other bulk commodities’ prices also fell down either. Later on Tuesday the Canada retail trade data in June would be released as well as the US housing data and this might arouse the interest of the forex brokers and got many focuses in the forex market.
This forex analyst pointed out the forex rate of USD/CAD was expected to surge according to the daily chart, and the MACD and the random indexes both sent out many signals, and the later one was just in the overbought section. This forex analyst pointed out the obstacle on top for the forex rate of USD/CAD would be at 1.0584 – the highest point on July 20, and if it surged above that point it would even surge up to 1.0676 – the highest point on July 6; the supporting point for this forex price at bottom was at 1.0441 – the lowest point on August 23 and it was also the average line for 5 trading days in the forex market.
The forex rate of USD/CAD was at 1.0569/72 at 13:40 Beijing time.
Edited by Laura.