5 Feb 2014
USD/CAD better bid
FXStreet (Guatemala) - USD/CAD is attempting to recover after the drop from the 1.11 handle.
Strategists at TD Securities explained that the market does not like it below 1.1050 but gains through the low 1.11s are still proving to be a bit of a struggle. “ Look for more range-trading on the day from here now. Providing short term gains are capped around 1.12 or below, the risk of a deeper drop back (via a potential Head & Shoulders top, neckline at 1.1047) remains alive. Short-term trend momentum remains bearish.
USD/CAD Levels
The 20 DMA is 1.1015, the 50 DMA is 1.0789 and the 200 DMA is 1.0465. RSI (14) reads 59.74. Supports are ascending from 1.0953, 1.0992, 1.1019, 1.1025, 1.1085, 1.1138, 1.1174, 1.1225 and 1.1300
Strategists at TD Securities explained that the market does not like it below 1.1050 but gains through the low 1.11s are still proving to be a bit of a struggle. “ Look for more range-trading on the day from here now. Providing short term gains are capped around 1.12 or below, the risk of a deeper drop back (via a potential Head & Shoulders top, neckline at 1.1047) remains alive. Short-term trend momentum remains bearish.
USD/CAD Levels
The 20 DMA is 1.1015, the 50 DMA is 1.0789 and the 200 DMA is 1.0465. RSI (14) reads 59.74. Supports are ascending from 1.0953, 1.0992, 1.1019, 1.1025, 1.1085, 1.1138, 1.1174, 1.1225 and 1.1300