26 Sep 2013
USD/CAD in tight consolidation on ascending support line
FXstreet.com (London) - USD/CAD made a high of 1.0342 having printed a low of 1.0300 earlier on in todays markets and remains bid along a rising support line.
Research teams at TD Securities noted however that the USD/CAD continues to trade in an extremely tight range, with a lack of clarity from the Fed helping to perpetuate the broad consolidative tone. “US data a Fed speakers are the event risks for the day, but neither should be strongly influential for markets. Events for the rest of the week should pale as focus hones in on much bigger developments next week (month end, debt ceiling debates, US payrolls). For today then, that should keep 1.0260/1.0350 the solid range for USD/CAD”.
USD/CAD Levels
The 20 DMA is 1.0369, the 50 DMA is 1.0369 and the 200 DMA is 1.0223. RSI (14) reads 48.83. Supports are ascending from 1.0137, 1.0150, 1.0170, 1.0280. Spot is 1.0318 while resistances are 1.0318, 1.0340, 1.0357 and 1.0366.
Research teams at TD Securities noted however that the USD/CAD continues to trade in an extremely tight range, with a lack of clarity from the Fed helping to perpetuate the broad consolidative tone. “US data a Fed speakers are the event risks for the day, but neither should be strongly influential for markets. Events for the rest of the week should pale as focus hones in on much bigger developments next week (month end, debt ceiling debates, US payrolls). For today then, that should keep 1.0260/1.0350 the solid range for USD/CAD”.
USD/CAD Levels
The 20 DMA is 1.0369, the 50 DMA is 1.0369 and the 200 DMA is 1.0223. RSI (14) reads 48.83. Supports are ascending from 1.0137, 1.0150, 1.0170, 1.0280. Spot is 1.0318 while resistances are 1.0318, 1.0340, 1.0357 and 1.0366.