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11 Dec 2013
USD/CAD stalling?
FXstreet.com (London) - USD/CAD is reluctant to continue lower along the descending trendline, stalling on the 1.06 handle.
Strategists at TD said the air continues to leak out of the USD/CAD rally seen since late November, with the dip below 1.06 today satisfying the initial retracement support objective at 1.0595. “Short-term signals suggest that an intraday low may have been seen in the past couple of hours and we look for the selling pressure to ease somewhat over the course of the day. Scope for USD/CAD gains remains limited though at the moment and we rather think that modest gains back above 1.06 will attract better selling interest. Overall, we don’t think the market has yet done enough to correct the steady rally seen since November 19/20th and our near-term bias remains bearish for a test of 1.0525.
USD/CAD Levels
The 20 DMA is 1.0556, the 50 DMA is 1.0457 and the 200 DMA is 1.0341. RSI (14) reads 55.03. Supports are ascending from 1.0464, 1.0485, 1.0516 and 1.0552. Spot is 1.0602 with resistances at 1.0671, 1.0708, 1.0754 and 1.0804.
Strategists at TD said the air continues to leak out of the USD/CAD rally seen since late November, with the dip below 1.06 today satisfying the initial retracement support objective at 1.0595. “Short-term signals suggest that an intraday low may have been seen in the past couple of hours and we look for the selling pressure to ease somewhat over the course of the day. Scope for USD/CAD gains remains limited though at the moment and we rather think that modest gains back above 1.06 will attract better selling interest. Overall, we don’t think the market has yet done enough to correct the steady rally seen since November 19/20th and our near-term bias remains bearish for a test of 1.0525.
USD/CAD Levels
The 20 DMA is 1.0556, the 50 DMA is 1.0457 and the 200 DMA is 1.0341. RSI (14) reads 55.03. Supports are ascending from 1.0464, 1.0485, 1.0516 and 1.0552. Spot is 1.0602 with resistances at 1.0671, 1.0708, 1.0754 and 1.0804.