16 Jan 2014
USD/CAD building up for an attack through 1.09?
FXstreet.com (Guatemala) - USD/CAD is starting to look constructive on the short term charts for a continuation and an attack through 1.09.
Strategists at TD Securities explained 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”. From the calendar, the US data came in the form of Jobless Claims which disappointed, Consumer Prices rising 1.5% and in line year on year and Tic flows $-29.3B.
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 48. Supports are 1.0737, 1.0819,1.0836, 1.0875, and 1.0905. Spot is 1.0923 while resistances are 1.0996, 1.1075, 1.1103 and 1.1126.
Strategists at TD Securities explained 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”. From the calendar, the US data came in the form of Jobless Claims which disappointed, Consumer Prices rising 1.5% and in line year on year and Tic flows $-29.3B.
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 48. Supports are 1.0737, 1.0819,1.0836, 1.0875, and 1.0905. Spot is 1.0923 while resistances are 1.0996, 1.1075, 1.1103 and 1.1126.