OctaFX | OctaFX Forex Broker
Open trading account
Back

Forex: USD/CAD enters fresh lows below 1.0051

FXstreet.com (Barcelona) - After stabilizing at 1.0070, the USD/CAD first rose to 1.0083 high ahead of the European opening before easing strongly after the German factory orders indicator that boosted risk sentiment throughout the FX market. The cross was able to breach below May-1 low at 1.0051 to register fresh lows since February, reaching 1.0036.

German factory orders in year-on-year basis dropped further, from -0.2% (revised from 0.0%) to -0.4%, but that came in better than the -2.9% expected. Details showed broad-based gains from the domestic side (+1.8%), as well as exports (ex-Germany EZ orders +4.2% and non-EZ orders +1.9%). Earlier, the French industrial output not only contracted as predicted, but fell by -0.9% instead of the market consensus of -0.3%.

“The USD/CAD continues to develop structure that is suggestive of further gains in the longer-term. Nearer-term a return to the 200 day moving average is anticipated from where a higher low may form for a retest of the 1.0342 high (01/03/2013)”, wrote MIG Bank analysts Bijoy Kar and Luc Luyet, suggesting a buy limit at 1.0003, with stop at 0.9927.

Forex: GBP/JPY targets 154.75

An upside flag has formed breaking through previous resistance 154.14.
Read more Previous

Forex: EUR/USD in highs around 1.3130

The euro accelerates its upside through 1.3100 on Tuesday, hitting fresh intraday highs in the boundaries of 1.3130 after German Factory Orders expanded above estimates, triggering a sharp shift towards the risk-on trade...
Read more Next
Start livechat