30 Aug 2013
USD/CAD rally falters
FXstreet.com (New York) - The USD/CAD foreign exchange rate experienced a staunch pullback during US trading Friday, paring its gains on the day and finding itself entrenched in negative territory.
USD/CAD strategic bias
According to the TD Securities Team, “A look at the longer-term trend ins USD/CAD shows a firm trend higher remains intact (via strongly bullish trend momentum oscillator signals as well as the more classic observation of ongoing higher highs and higher lows) the market will make a second weekly close above 3 1/2 year trend resistance at 1.0391 3) progress suggests 1.0804 (38.2% retracement of the 1.30/0.94 move down) is the next major upside objective.”
USD/CAD technical levels
Following the recent drop, the USD/CAD is now operating at a -0.07% loss thus far, thereby settling at 1.0525 in these moments. Technically speaking, the USD/CAD remains above support, which can be found at 1.0496, ahead of 1.0456, and 1.0434, notes the Danske Research Team.
USD/CAD strategic bias
According to the TD Securities Team, “A look at the longer-term trend ins USD/CAD shows a firm trend higher remains intact (via strongly bullish trend momentum oscillator signals as well as the more classic observation of ongoing higher highs and higher lows) the market will make a second weekly close above 3 1/2 year trend resistance at 1.0391 3) progress suggests 1.0804 (38.2% retracement of the 1.30/0.94 move down) is the next major upside objective.”
USD/CAD technical levels
Following the recent drop, the USD/CAD is now operating at a -0.07% loss thus far, thereby settling at 1.0525 in these moments. Technically speaking, the USD/CAD remains above support, which can be found at 1.0496, ahead of 1.0456, and 1.0434, notes the Danske Research Team.