4 Feb 2014
USD/CAD directionless around 1.1100
FXStreet (Córdoba) - The USD/CAD has been unable to decisively break above the 1.1120 zone Tuesday despite a couple of attempts throughout the day.
The USD/CAD found resistance at the 200-hour SMA and came under pressure, dipping into the red for the day, although with the downside contained by the 1.1060 area during the European session, intraday moves can be seen as consolidative. At time of writing, the USD/CAD is trading at the 1.1090 area, still 0.2% below its opening price.
USD/CAD technical outlook
"For today, we look for more range-trading, with a modest downward bias", says the TD Securities team. "There are no Canadian data and US numbers are mainly second-tier. Weakness below 1.1045 short-term technical support will be a 'heads up' that a deeper slide in USD/CAD is perhaps getting more traction".
The USD/CAD found resistance at the 200-hour SMA and came under pressure, dipping into the red for the day, although with the downside contained by the 1.1060 area during the European session, intraday moves can be seen as consolidative. At time of writing, the USD/CAD is trading at the 1.1090 area, still 0.2% below its opening price.
USD/CAD technical outlook
"For today, we look for more range-trading, with a modest downward bias", says the TD Securities team. "There are no Canadian data and US numbers are mainly second-tier. Weakness below 1.1045 short-term technical support will be a 'heads up' that a deeper slide in USD/CAD is perhaps getting more traction".