3 Jul 2013
USD/CAD recovery movement stalls
FXstreet.com (New York) - The USD/CAD foreign exchange rate found a recovery rally capped at the 1.0523 level Wednesday, subsequently turning downward in the following minutes.
USD/CAD still operating above support
The USD/CAD is presently trading at 1.0515, having slid -0.28% off its opening. The Danske Research team isolates supportive measures at 1.0484, ahead of 1.0415, and finally 1.0395. On the ascension, a break above 1.0556 will initiate resistances at 1.0573, and 1.0658.
USD/CAD pullback likely
According to the TD Securities Team, “The brief USD/CAD move to a marginal new high yesterday was a small win for bulls, but the failure to close above 1.0550 suggests we may be stuck in the broader neutral range for a little longer. That raises the likelihood of a pullback toward the lower end of the range in the mid/upper 1.04 area – 1.0420 (May high) remains the key support.”
USD/CAD still operating above support
The USD/CAD is presently trading at 1.0515, having slid -0.28% off its opening. The Danske Research team isolates supportive measures at 1.0484, ahead of 1.0415, and finally 1.0395. On the ascension, a break above 1.0556 will initiate resistances at 1.0573, and 1.0658.
USD/CAD pullback likely
According to the TD Securities Team, “The brief USD/CAD move to a marginal new high yesterday was a small win for bulls, but the failure to close above 1.0550 suggests we may be stuck in the broader neutral range for a little longer. That raises the likelihood of a pullback toward the lower end of the range in the mid/upper 1.04 area – 1.0420 (May high) remains the key support.”