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14 Feb 2014
USD/CAD downside prevails
FXStreet (Guatemala) - USD/CAD has come up from the lows and has reached above 1.0980. The pair is meeting supply there and the downside is prevailing again.
Strategists at TD Securities explained, “The daily chart shows USD/CAD trading nicely off the intraday lows—a potential “hammer” signal if sustained through the close which might mitigate the short-term bear picture. We still rather think that downside pressure will prevail in the near-term, however. Previous signs of possible recovery in this move down have not been enough to halt the slide. Levels nearer 1.09 should (short-term retracement support and the 40-day MA currently at 1.0901)”.
USD/CAD Levels
The 20 DMA is 1.1065, the 50 DMA is 1.0845 and the 200 DMA is 1.0498. RSI (14) reads 50.08. Supports are ascending from 1.0819, 1.0842, 1.0875 and 1.0905. Spot is 1.0972 while resistances are 1.1026, 1.1090, 1.1123 and 1.1138.
Strategists at TD Securities explained, “The daily chart shows USD/CAD trading nicely off the intraday lows—a potential “hammer” signal if sustained through the close which might mitigate the short-term bear picture. We still rather think that downside pressure will prevail in the near-term, however. Previous signs of possible recovery in this move down have not been enough to halt the slide. Levels nearer 1.09 should (short-term retracement support and the 40-day MA currently at 1.0901)”.
USD/CAD Levels
The 20 DMA is 1.1065, the 50 DMA is 1.0845 and the 200 DMA is 1.0498. RSI (14) reads 50.08. Supports are ascending from 1.0819, 1.0842, 1.0875 and 1.0905. Spot is 1.0972 while resistances are 1.1026, 1.1090, 1.1123 and 1.1138.