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28 Nov 2013
USD/CAD attempting 1.06 handle?
FXstreet.com (London) - USD/CAD is consolidating just below 1.06, minor trend resistance and just below the early July peak.
Strategists at TD Securities noted that trend momentum remains bullishly oriented on the short-term charts but the strength of the rally has faded modestly this week, something that is reflected in the evolution in the market. “We still rather think that the USD will appreciate so we look for limited weakness near-term (expect strong support at 1.0525) ahead of a push to new cycle highs”.
USD/CAD Levels
The 20 DMA is 1.0474, the 50 DMA is 1.0397 and the 200 DMA is 1.0323.RSI (14) reads 65.10. Supports are ascending from 1.0414, 1.0436 ,1.0480 and 1.0516. Spot is currently 1.0593, 1.0609, 1.0658, 1.0674 and 1.0721.
Strategists at TD Securities noted that trend momentum remains bullishly oriented on the short-term charts but the strength of the rally has faded modestly this week, something that is reflected in the evolution in the market. “We still rather think that the USD will appreciate so we look for limited weakness near-term (expect strong support at 1.0525) ahead of a push to new cycle highs”.
USD/CAD Levels
The 20 DMA is 1.0474, the 50 DMA is 1.0397 and the 200 DMA is 1.0323.RSI (14) reads 65.10. Supports are ascending from 1.0414, 1.0436 ,1.0480 and 1.0516. Spot is currently 1.0593, 1.0609, 1.0658, 1.0674 and 1.0721.