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USD/CAD searching for drivers to sustain advance, stable above 1.0500

FXstreet.com (New York) – The USD/CAD foreign exchange rate surrendered its earlier gains in the heights of 1.0542 (intraday high) Tuesday, easing back towards the direction of the 1.0500 barrier during US trading.

In the United States, S&P/Case-Shiller Home Price Indices (YoY) came in at +12.1% in June, beating estimates of +12.0%. In addition, the Redbook Index (MoM) grew by +0.3%, compared to a figure of +0.2% previously. Finally, the Redbook Index (MoM) yielded a figure of +3.8%, relative to +3.4% previously.

USD/CAD strategic bias

According to the Technical Analyst Team at ICN.com, “The USD/CAD failed to stabilize below 23.6% correction around …read more