25 Mar 2014
USD/CAD pressing on recent lows
FXStreet (Guatemala) - USD/CAD has continued to carve out the downside this week but today has not been falling with the same momentum.
USD/CAD has barley managed to exceed last week’s lows, 1.1173, and currently trades 1.1170. Meanwhile, analysts at TD Securities explained that the USD/CAD looks soft on the daily chart but net losses over the past four trading sessions have been contained within the range of the big rally in funds last Wednesday, leaving losses looking like a consolidation rather than a reversal lower. “We view the break out from the January-March consolidation (bull triangle) as a positive development for the market overall and we look for strong support now for the USD on weakness back to the break out point in the low 1.11s”. They went onto explain that they continue to target 1.1350 as a near-term objective and the 1.1500/50 area a little further out as a result.
USD/CAD Levels
The 20 DMA is 1.1106, the 50 DMA is 1.1065 and the 200 DMA is 1.0607. RSI (14) reads 35.62. Supports are ascending from 1.1075, 1.1122 and 1.1160. Spot is 1.1172 while resistances are 1.1183, 1.1262, 1.1279, 1.1349 and 1.1418.
USD/CAD has barley managed to exceed last week’s lows, 1.1173, and currently trades 1.1170. Meanwhile, analysts at TD Securities explained that the USD/CAD looks soft on the daily chart but net losses over the past four trading sessions have been contained within the range of the big rally in funds last Wednesday, leaving losses looking like a consolidation rather than a reversal lower. “We view the break out from the January-March consolidation (bull triangle) as a positive development for the market overall and we look for strong support now for the USD on weakness back to the break out point in the low 1.11s”. They went onto explain that they continue to target 1.1350 as a near-term objective and the 1.1500/50 area a little further out as a result.
USD/CAD Levels
The 20 DMA is 1.1106, the 50 DMA is 1.1065 and the 200 DMA is 1.0607. RSI (14) reads 35.62. Supports are ascending from 1.1075, 1.1122 and 1.1160. Spot is 1.1172 while resistances are 1.1183, 1.1262, 1.1279, 1.1349 and 1.1418.