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18 Mar 2014
USD/CAD appears to be heading lower
FXStreet (Guatemala) - USD/CAD appears to be heading lower on the week falling away from the 1.11 handle and testing the lower end of 1.10’s. The pair has recorded a low of 1.1024.
USD/CAD is softer this morning but strategists at TD Securities explained that the pair is still essentially range-bound. “Weakness has extended through to the low 1.10 area, disrupting (but not ruling out) the potentially bullish (inverse H&S) developments we noted yesterday. The short-term trend does look a little soft for USD/CAD but the situation would change quickly on a sustained push through the 1.1140/45 area (inverse H&S neckline trigger) in the next few days. Short-term support remains 1.0955/60 and 1.0990.
USD/CAD Levels
The 20 DMA is 1.1076, the 50 DMA is 1.1035 and the 200 DMA is 1.0586. RSI (14) reads 48.09. Supports are ascending from 1.0911, 1.0950, 1.0980 and 1.1042. Spot reads 1.1050 while resistances are 1.1123, 1.1160, 1.1196 and 1.1225.
USD/CAD is softer this morning but strategists at TD Securities explained that the pair is still essentially range-bound. “Weakness has extended through to the low 1.10 area, disrupting (but not ruling out) the potentially bullish (inverse H&S) developments we noted yesterday. The short-term trend does look a little soft for USD/CAD but the situation would change quickly on a sustained push through the 1.1140/45 area (inverse H&S neckline trigger) in the next few days. Short-term support remains 1.0955/60 and 1.0990.
USD/CAD Levels
The 20 DMA is 1.1076, the 50 DMA is 1.1035 and the 200 DMA is 1.0586. RSI (14) reads 48.09. Supports are ascending from 1.0911, 1.0950, 1.0980 and 1.1042. Spot reads 1.1050 while resistances are 1.1123, 1.1160, 1.1196 and 1.1225.