9 Dec 2013
USD/CAD looking heavy?
FXstreet.com (London) - USD/CAD has slipped out of the low end of the short-term bull trend in place over the past two weeks.
Strategists at TD Securities said, “While the underlying trend here looks constructive still, short-term price signals have turned quite heavy in the past few days (two big, bearish outside range sessions on the 6-hour chart, above)”. With there being little on the calendar left after the Canadian House Starts coming in slightly lower than expected, and other than Fed speeches, attention is reverted back to the charts. As noted by the strategists at TD Securities, the daily USD/CAD chart reflects the message of the short-tem chart and they said to expect some more severe headwinds for the USD/CAD rally in the near-term at least.
USD/CAD Levels
The 20 DMA is 1.0543, the 50 DMA is 1.0446 and the 200 DMA is 1.0337. RSI (14) reads 49.50. Supports are ascending from 1.0516, 1.0552, 1.0603, 1.0622. Spot is 1.0642 while resistances are 1.0708, 1.0721, 1.0754 and 1.0804.
Strategists at TD Securities said, “While the underlying trend here looks constructive still, short-term price signals have turned quite heavy in the past few days (two big, bearish outside range sessions on the 6-hour chart, above)”. With there being little on the calendar left after the Canadian House Starts coming in slightly lower than expected, and other than Fed speeches, attention is reverted back to the charts. As noted by the strategists at TD Securities, the daily USD/CAD chart reflects the message of the short-tem chart and they said to expect some more severe headwinds for the USD/CAD rally in the near-term at least.
USD/CAD Levels
The 20 DMA is 1.0543, the 50 DMA is 1.0446 and the 200 DMA is 1.0337. RSI (14) reads 49.50. Supports are ascending from 1.0516, 1.0552, 1.0603, 1.0622. Spot is 1.0642 while resistances are 1.0708, 1.0721, 1.0754 and 1.0804.