8 Aug 2013
USD/CAD showing signs of bottoming out?
FXstreet.com (New York) - The USD/CAD foreign exchange rate took as nasty spill down to the depths of 1.0303 (intraday low) Thursday, stabilizing above the 1.0300 region, having now recovered some lost ground.
USD/CAD strategic bias
According to the TD Securities Team, “The USD/CAD is consolidating the past week’s gains on the charts today but the broader trend remains bullish in our opinion. The market struck, and reversed forcefully from, an important low at 1.0250 in the past week. This sets the USD up for further gains near-term. Minor resistance in the low 1.04 area is restricting USD gains for now but we look for a push to the mid/upper 1.05 area to occur in the next 2-4 weeks. We expect firm support in the mid/upper 1.03 area from here.”
The USD/CAD is now trading tepidly at 1.0317, still down a staunch -1.02% off its opening the time of writing. Briefing the technicals, the USD/CAD has already broken through support at 1.0341, and is now situated at the 1.0318 support, calculates the Mataf.net Analyst Team.
USD/CAD strategic bias
According to the TD Securities Team, “The USD/CAD is consolidating the past week’s gains on the charts today but the broader trend remains bullish in our opinion. The market struck, and reversed forcefully from, an important low at 1.0250 in the past week. This sets the USD up for further gains near-term. Minor resistance in the low 1.04 area is restricting USD gains for now but we look for a push to the mid/upper 1.05 area to occur in the next 2-4 weeks. We expect firm support in the mid/upper 1.03 area from here.”
The USD/CAD is now trading tepidly at 1.0317, still down a staunch -1.02% off its opening the time of writing. Briefing the technicals, the USD/CAD has already broken through support at 1.0341, and is now situated at the 1.0318 support, calculates the Mataf.net Analyst Team.