15 Jul 2013
USD/CAD paring gains
FXstreet.com (New York) - The USD/CAD foreign exchange rate has once again reverted back to its easing ways Monday, eliminating a portion of its hard-earned gains during US trading.
As such, the USD/CAD is now settling at 1.0418, still securing an advance of +0.33% above its opening. The Technical Analyst Team at ICN.com points to resistances at 1.0455, onto 1.0495, and eventually 1.0530.
USD/CAD strategic bias
According to the TD Securities Team, “The USD/CAD has made two runs at getting back above 1.0425/30 in the past few sessions with no success. The intervening low at 1.0360 is effectively key, short-term support now, is a small double top trigger (implies a retest of 1.0290/1.03 on a break down). The rebound from last Thursday’s low is also forming a bear flag or wedge pattern.”
As such, the USD/CAD is now settling at 1.0418, still securing an advance of +0.33% above its opening. The Technical Analyst Team at ICN.com points to resistances at 1.0455, onto 1.0495, and eventually 1.0530.
USD/CAD strategic bias
According to the TD Securities Team, “The USD/CAD has made two runs at getting back above 1.0425/30 in the past few sessions with no success. The intervening low at 1.0360 is effectively key, short-term support now, is a small double top trigger (implies a retest of 1.0290/1.03 on a break down). The rebound from last Thursday’s low is also forming a bear flag or wedge pattern.”