3 Feb 2014
USD/CAD technical headwinds approaching
FXStreet (Guatemala) - USD/CAD was resisted and sent lower, reaching a high of 1.1110. The pair has been tiring on the bid since last week, and today the pair has been trying to recover yet further lost ground.
Strategists at TD Securities noted that Spot was testing minor pull back support at 1.1058 intraday but corrective pressure may extend to a 1.09 handle in the next few days. “USD/CAD formed a bearish key reversal day Friday and price action is tending to confirm the bear turn in the trend today. Bearish price signals have not had a lot of traction with the market over the past few months but losses from Friday’s high”.
USD/CAD Levels
The 20 DMA is 1.0976, the 50 DMA is 1.0767 and the 200 DMA is 1.0455. RSI (14) reads 58.73. supports are ascending from 1.0992, 1.1019, 1.1031. Spot is currently 1.1097 while key resistances beyond 1.1100 are as high as 1.1224, 1.1300, 1.1349 and 1.1418.
Strategists at TD Securities noted that Spot was testing minor pull back support at 1.1058 intraday but corrective pressure may extend to a 1.09 handle in the next few days. “USD/CAD formed a bearish key reversal day Friday and price action is tending to confirm the bear turn in the trend today. Bearish price signals have not had a lot of traction with the market over the past few months but losses from Friday’s high”.
USD/CAD Levels
The 20 DMA is 1.0976, the 50 DMA is 1.0767 and the 200 DMA is 1.0455. RSI (14) reads 58.73. supports are ascending from 1.0992, 1.1019, 1.1031. Spot is currently 1.1097 while key resistances beyond 1.1100 are as high as 1.1224, 1.1300, 1.1349 and 1.1418.