30 Jul 2013
USD/CAD peaks at 1.0300 level
FXstreet.com (New York) - The USD/CAD technical pair recently peaked at the 1.0304 level, testing this key upside barrier during US trading.
USD/CAD strategic bias
Presently, USD/CAD is now operating at 1.0298, notching an advance of +0.28% above its opening. Technically speaking, the Mataf.net analyst team calculates the next short-term resistances for the USD/CAD at 1.0296 onto 1.0309 (following a previous break above resistance at 1.0279).
According to the TD Securities Team, “There is little change to report on the daily chart for USD/CAD. We do think, however, that the broader trend lower since the 1.06+ peak earlier in July is looking oversold. And there is some evidence to suggest that the bear move has lost its sense of direction while bargain-hunting activity may be taking over from short strategies on the short-term charts. We look for support at 1.0250 and for USD/CAD to pick up support above 1.0290/95.”
USD/CAD strategic bias
Presently, USD/CAD is now operating at 1.0298, notching an advance of +0.28% above its opening. Technically speaking, the Mataf.net analyst team calculates the next short-term resistances for the USD/CAD at 1.0296 onto 1.0309 (following a previous break above resistance at 1.0279).
According to the TD Securities Team, “There is little change to report on the daily chart for USD/CAD. We do think, however, that the broader trend lower since the 1.06+ peak earlier in July is looking oversold. And there is some evidence to suggest that the bear move has lost its sense of direction while bargain-hunting activity may be taking over from short strategies on the short-term charts. We look for support at 1.0250 and for USD/CAD to pick up support above 1.0290/95.”