10 Jun 2013
Flash: USD/CAD ascension pauses – UBS
FXstreet.com (New York) - UBS Strategists, Gareth Berry and Geoffrey Yu take a technical perspective at today's commodity-based currencies and outline the technical positions.
In terms of the AUD/USD, “As there is an important support at 0.9388, the immediate risk appears to be for a short-term recovery to unwind these downside conditions. Resistance is at 0.9546 ahead of 0.9674, suggesting a bearish outlook.” In addition, in looking at the USD/CAD, the recent sharp sell-off tested support at 1.0169, a closing break below this would be negative, triggering a deeper sell-off to 1.0120 and then 1.0027 – resistance is at 1.0288.
In terms of the AUD/USD, “As there is an important support at 0.9388, the immediate risk appears to be for a short-term recovery to unwind these downside conditions. Resistance is at 0.9546 ahead of 0.9674, suggesting a bearish outlook.” In addition, in looking at the USD/CAD, the recent sharp sell-off tested support at 1.0169, a closing break below this would be negative, triggering a deeper sell-off to 1.0120 and then 1.0027 – resistance is at 1.0288.