20 Mar 2014
USD/CAD trading with a bullish bias
FXStreet (Guatemala) - USD/CAD has ticked up away from the 1.1240 support line of the past 24hrs and has been testing 1.1280 resistance.
From the calendar, The Philly Fed has surged to 9 in March while existing home sales fell 0.4%. Technically,USD/CAD price action is unequivocally bullish across a range of time frames. Strategists at TD Securities explained that while the hourly chart does suggest some potential for an intraday stall in rally seen over the past 24 hours, the overall impression from the short, medium and long-term charts is very constructive for the USD outlook. “On the 6-hour chart, above, the break through inverse H&S neckline trigger at 1.1147 targets a rally to the 1.1350 area in the next 1-2 week (possibly sooner). We see strong short-term support in the mid/upper 1.11 area now—though we suspect that near-term USD weakness may be limited to the 1.12 area”.
USD/CAD Levels
The 20 DMA is 1.1093, the 50 DMA is 1.1051, 200 1.0596. RSI (14) reads 69.53. Supports are ascending from 1.1079, 1.1122, 1.1155 and 1.1196. Spot is 1.1255, 1.1273 1.1349, 1.1403 and 1.1418.
From the calendar, The Philly Fed has surged to 9 in March while existing home sales fell 0.4%. Technically,USD/CAD price action is unequivocally bullish across a range of time frames. Strategists at TD Securities explained that while the hourly chart does suggest some potential for an intraday stall in rally seen over the past 24 hours, the overall impression from the short, medium and long-term charts is very constructive for the USD outlook. “On the 6-hour chart, above, the break through inverse H&S neckline trigger at 1.1147 targets a rally to the 1.1350 area in the next 1-2 week (possibly sooner). We see strong short-term support in the mid/upper 1.11 area now—though we suspect that near-term USD weakness may be limited to the 1.12 area”.
USD/CAD Levels
The 20 DMA is 1.1093, the 50 DMA is 1.1051, 200 1.0596. RSI (14) reads 69.53. Supports are ascending from 1.1079, 1.1122, 1.1155 and 1.1196. Spot is 1.1255, 1.1273 1.1349, 1.1403 and 1.1418.