14 Jul 2014
USD/CAD en-route to test next resistance 1.0750
FXStreet (Bali) - USD/CAD is trading at 1.0731, down -0.02% on the day, having posted a daily high at 1.0738 and low at 1.0726.
The FXStreet OB/OS Index is reflecting extremely overbought hourly conditions, while the FXStreet Trend Index is slightly bullish. Currently RSI is at 70.94, down from the last hourly print at 79.06, with ADX at 20.51, down from its previous close at 40.61. Daily RSI sits at 48.83, in neutral territory. Looking to momentum indicators, the hourly 200 SMA is currently at 1.0664, up from the last close at 1.0660 and climbing. Over the past 20 days, the exponential average closing price is 1.0718, and ranging.
According to Peter Fell, Analyst at FXBeat: "USDCAD bounced strongly on Friday, disappointing jobs data had the shorts scurrying for cover. Corporate sell orders are touted between 1.0750/60 and stops are above 1.0765. Demand cited around 1.0700. Resistance seen 1.0751. 38.2% fibo on the 1.0961 / 1.0621 fall, 50% fibo on the same move is at 1.0791 and the 200DMA is at 1.0809. Bank of Canada rate decision on Wednesday, given the weak labour data, BOC's should maintain their easing bias, the buy stops above 1.0765 look to be in danger."
The FXStreet OB/OS Index is reflecting extremely overbought hourly conditions, while the FXStreet Trend Index is slightly bullish. Currently RSI is at 70.94, down from the last hourly print at 79.06, with ADX at 20.51, down from its previous close at 40.61. Daily RSI sits at 48.83, in neutral territory. Looking to momentum indicators, the hourly 200 SMA is currently at 1.0664, up from the last close at 1.0660 and climbing. Over the past 20 days, the exponential average closing price is 1.0718, and ranging.
According to Peter Fell, Analyst at FXBeat: "USDCAD bounced strongly on Friday, disappointing jobs data had the shorts scurrying for cover. Corporate sell orders are touted between 1.0750/60 and stops are above 1.0765. Demand cited around 1.0700. Resistance seen 1.0751. 38.2% fibo on the 1.0961 / 1.0621 fall, 50% fibo on the same move is at 1.0791 and the 200DMA is at 1.0809. Bank of Canada rate decision on Wednesday, given the weak labour data, BOC's should maintain their easing bias, the buy stops above 1.0765 look to be in danger."