7 Aug 2013
USD/CAD momentum building?
FXstreet.com (New York) - The USD/CAD foreign exchange rate has turned higher during the afternoon of US trading Wednesday, now moving higher in recent minutes.
USD/CAD strategic bias
According to the TD Securities Team, “The short, medium and long-term price signals are turning more USD/CAD-bullish. A bullish weekly reversal on the weekly chart and a push through the 40-day MA on the daily chart combined with a short-term bull reversal on the 6-hour chart (small, inverse Head & Shoulders low—targets 1.0565 in the next 2-4 weeks) all point to renewed USD appreciation. We look for limited downside (high 1.03s) and solid support on USD dips from here.”
USD/CAD technical levels
At the time of writing, the USD/CAD is now operating at 1.0424, having now notched a steadfast gain of +0.45% above its opening. Technically speaking, the USD/CAD broke above its first resistance at 1.0403, and will now look to face 1.0445, onto 1.0472.
USD/CAD strategic bias
According to the TD Securities Team, “The short, medium and long-term price signals are turning more USD/CAD-bullish. A bullish weekly reversal on the weekly chart and a push through the 40-day MA on the daily chart combined with a short-term bull reversal on the 6-hour chart (small, inverse Head & Shoulders low—targets 1.0565 in the next 2-4 weeks) all point to renewed USD appreciation. We look for limited downside (high 1.03s) and solid support on USD dips from here.”
USD/CAD technical levels
At the time of writing, the USD/CAD is now operating at 1.0424, having now notched a steadfast gain of +0.45% above its opening. Technically speaking, the USD/CAD broke above its first resistance at 1.0403, and will now look to face 1.0445, onto 1.0472.