USD/CAD Technical Analysis: At Strong Support For 2017 Open

USD/CAD Technical Analysis: At Strong Support For 2017 Open

 Talking Points:

USD/CAD Technical Strategy: Channel median line being tested, watching for bounce higher

Focus remains on topside pivot at 1.3576 as 50% Fibo of 2016 range

Trendline resistance being tested as support from January high

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Treasuries Extend Recent Move To The Upside

Treasuries moved higher over the course of the trading session on Friday, extending the upward move seen over the two previous sessions.

Bond prices moved steadily higher for much of the session before closing firmly positive. Subsequently, the yield on the benchmark ten-year note, which moves opposite of its price, fell by 3.1 basis points to 2.446 percent.

With the decrease on the day, the ten-year yield ended the session at its lowest closing level in almost a month.

The higher close by treasuries came following the release of a report from MNI Indicators showing a notable slowdown in the pace of growth in Chicago-area business activity in the month of December.

MNI Indicators said its Chicago Business Barometer slid to 54.6 in December after jumping to a nearly two-year high of 57.6 in November.

While a reading above 50 indicates continued growth in Chicago-area business activity, economists had expected the index to show a much more modest drop to 57.0.

Trading activity on the day was relatively light, however, with some traders already away from their desks ahead of another long weekend.

When the markets reopen in the new year, traders are likely to keep a close eye on the monthly jobs report due out next Friday.

Reports on manufacturing activity, international trade, and construction spending may also attract attention next week along with the minutes of the latest Federal Reserve meeting.

The material has been provided by InstaForex Company – www.instaforex.com

The post Treasuries Extend Recent Move To The Upside appeared first on forexnewstoday.net.

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