11 Dec 2013
USD/CAD remains soft
FXstreet.com (London) - USD/CAD is drifting sideways in a tight range at the bottom of a bear run. Today’s low has been 1.0583 while the pair is currently attempting territory back on the 1.06 handle.
Strategists at TD Securities said that the USD/CAD retains a soft bias, with spot slipping below 1.06. “This is a risk we have highlighted in the past few days, especially following the market’s failure to extend above 1.07 last week on the better US data reports. We have been reluctant to chase this market above the 1.06 area but, as we think the broader trend remains firmly higher moving into 2014, we also think that modest dips will provide better opportunities for reloading on USD longs. Intraday, we see support in the 1.0575/85 range but we think near-term risks are geared towards a drop back to 1.0525/50”.
USD/CAD Levels
The 20 DMA is 1.0556, the 50 DMA is 1.0457 and the 200 DMA is 1.0341. RSI (14) reads 55.03. Supports are ascending from 1.0464, 1.0485, 1.0516 and 1.0552. Spot is 1.0602 with resistances at 1.0671, 1.0708, 1.0754 and 1.0804.
Strategists at TD Securities said that the USD/CAD retains a soft bias, with spot slipping below 1.06. “This is a risk we have highlighted in the past few days, especially following the market’s failure to extend above 1.07 last week on the better US data reports. We have been reluctant to chase this market above the 1.06 area but, as we think the broader trend remains firmly higher moving into 2014, we also think that modest dips will provide better opportunities for reloading on USD longs. Intraday, we see support in the 1.0575/85 range but we think near-term risks are geared towards a drop back to 1.0525/50”.
USD/CAD Levels
The 20 DMA is 1.0556, the 50 DMA is 1.0457 and the 200 DMA is 1.0341. RSI (14) reads 55.03. Supports are ascending from 1.0464, 1.0485, 1.0516 and 1.0552. Spot is 1.0602 with resistances at 1.0671, 1.0708, 1.0754 and 1.0804.