16 Jan 2014
USD/CAD gathering back some lost ground
FXstreet.com (Guatemala) - USD/CAD was supported ahead of the 1.09 handle and has claimed back some 25 pips on the short term against the descending short term trend line.
Strategists at TD Securities noted that the USD/CAD retains a weaker technical profile on the short-term charts; “hourly trend support off the early January lows has yielded and short-term trend momentum (hourly studies) has turned bearish. That implies the risk of a little more softness near-term towards the low 1.09/high 1.08 area”.
USD/CAD Levels
The 20 DMA is 1.0723, the 50 DMA is 1.0624 and the 200 DMA is 1.0404. RSI (14) reads 55.67. Supports are 1.0737, 1.0819, 1.0836, 1.0875. Spot is 1.0933 while resistances are 1.0996, 1.1075 1.1103 and 1.1126.
Strategists at TD Securities noted that the USD/CAD retains a weaker technical profile on the short-term charts; “hourly trend support off the early January lows has yielded and short-term trend momentum (hourly studies) has turned bearish. That implies the risk of a little more softness near-term towards the low 1.09/high 1.08 area”.
USD/CAD Levels
The 20 DMA is 1.0723, the 50 DMA is 1.0624 and the 200 DMA is 1.0404. RSI (14) reads 55.67. Supports are 1.0737, 1.0819, 1.0836, 1.0875. Spot is 1.0933 while resistances are 1.0996, 1.1075 1.1103 and 1.1126.