12 Dec 2013
USD/CAD slowing on the rally
FXstreet.com (London) - USD/CAD has rallied from the lows of 1.0560 area and scored a high 1.0658.
Strategists at TD Securities said the impulsive rebound suggests that an important interim low may be forming. “But we have to see were we close on the day overall to confirm. The risk from here is that another leg up unfolds above 1.0645/50 intraday, with the correction lower since last week’s high looking like a bull wedge/flag signal. A promising rebound from a broader point of view, if gains can be sustained through the close of trade”.
USD/CAD Levels
The 20 DMA is 1.0562, the 50 DMA is 1.0462 and the 200 DMA is 1.0342. RSI (14) reads 51.47. Supports are ascending from 1.0464, 1.0485, 1.0516, 1.0552, 1.0593. Spot is 1.0642 while resistances are, 1.0671, 1.0708, 1.0754 and 1.0804 after the high of 1.0658 today so far.
Strategists at TD Securities said the impulsive rebound suggests that an important interim low may be forming. “But we have to see were we close on the day overall to confirm. The risk from here is that another leg up unfolds above 1.0645/50 intraday, with the correction lower since last week’s high looking like a bull wedge/flag signal. A promising rebound from a broader point of view, if gains can be sustained through the close of trade”.
USD/CAD Levels
The 20 DMA is 1.0562, the 50 DMA is 1.0462 and the 200 DMA is 1.0342. RSI (14) reads 51.47. Supports are ascending from 1.0464, 1.0485, 1.0516, 1.0552, 1.0593. Spot is 1.0642 while resistances are, 1.0671, 1.0708, 1.0754 and 1.0804 after the high of 1.0658 today so far.