19 Nov 2013
USD/CAD catching support, eye’s 1.0460
FXstreet.com (London) - USD/CAD has climbed from the low 1.0400’s on support after a gap lower on the charts from 1.0460.
Research team at TD Securities explained the pair looks potentially constructive (outside range higher) if the gains can be sustained. “The problem for the market is a lack of momentum which is reflected in the flat-lining DMI oscillator”. Essentially this favours range trading near-term, albeit within the context of the slight, upward tilt to market that is evident since late October. We still think buying USD dips is the right tactic for the moment but 1.0420 is turning into a very pivotal point for the market now and if the market cannot pick up ground before the end of the week, this support point may come under more pressure”.
USD/CAD Levels
The 20 DMA is 1.0439, the 50 DMA is 1.0368 and the 200 DMA is 1.0307. RSI (14) reads 55.91. Supports are ascending from 1.0366, 1.0384, 1.0395 and 1.0406. Spot is 1.0438 while resistances are 1.0486, 1.0526, 1.0569 and 1.0609.
Research team at TD Securities explained the pair looks potentially constructive (outside range higher) if the gains can be sustained. “The problem for the market is a lack of momentum which is reflected in the flat-lining DMI oscillator”. Essentially this favours range trading near-term, albeit within the context of the slight, upward tilt to market that is evident since late October. We still think buying USD dips is the right tactic for the moment but 1.0420 is turning into a very pivotal point for the market now and if the market cannot pick up ground before the end of the week, this support point may come under more pressure”.
USD/CAD Levels
The 20 DMA is 1.0439, the 50 DMA is 1.0368 and the 200 DMA is 1.0307. RSI (14) reads 55.91. Supports are ascending from 1.0366, 1.0384, 1.0395 and 1.0406. Spot is 1.0438 while resistances are 1.0486, 1.0526, 1.0569 and 1.0609.