25 Jul 2013
USD/CAD bounce off lows towards 1.0285 region
FXstreet.com (New York) - The USD/CAD technical pair bounce off its earlier lows (1.0270) during US trading, rebounding slightly towards the 1.0285 region Thursday as the pair looks to eliminate a portion of its losses.
In these moments, the USD/CAD is now operating at a -0.32% loss still, having now settled at 1.0284. Technically speaking, the USD/UCADSD remains fortified by supports at 1.0262, ahead of 1.0230, and 1.0170, notes the Danske Research Team.
USD/CAD strategic bias
According to the TD Securities Team, “THE USD/CAD showed more signs of stabilizing the past week’s loses. The 1.0260/80 area should continue to provide solid support from key short and longer term trends (weekly chart shown). Price action should remain choppy in the short term, but in a broader sense we still view the recent move as corrective and remain longer-term bulls.”
In these moments, the USD/CAD is now operating at a -0.32% loss still, having now settled at 1.0284. Technically speaking, the USD/UCADSD remains fortified by supports at 1.0262, ahead of 1.0230, and 1.0170, notes the Danske Research Team.
USD/CAD strategic bias
According to the TD Securities Team, “THE USD/CAD showed more signs of stabilizing the past week’s loses. The 1.0260/80 area should continue to provide solid support from key short and longer term trends (weekly chart shown). Price action should remain choppy in the short term, but in a broader sense we still view the recent move as corrective and remain longer-term bulls.”