23 May 2014
USD/CAD bulls try to claw some ground
FXStreet (Moscow) - USD/CAD tries to take off from the support level of 1.0880, though the bullish momentum is weak
USD/CAD waiting for inflation data
Canadian inflation data may be the key trigger for USD/CAD today. Positive numbers will support the Canadian currency and push USD/CAD lower, though harsh movements are unlikely as we are nearing the weekend full of important risk events. Thus the traders may refrain from investment decisions before the geopolitical situation clears out. Watch for the key support of 1.0880, if it is broken, the downside will accelerate to 1.0850.
What price levels and patterns have to be considered?
Spot is presently trading at 1.0900, and next resistance can be seen at 1.0902 (Daily Classic PP), 1.0905 (Daily High), 1.0909 (Weekly Classic R1), 1.0912 (Weekly High) and 1.0919 (Daily 20 SMA).
Support below can be found at 1.0898 (Hourly 20 EMA), 1.0895 (Hourly 100 SMA), 1.0891 (Hourly 200 SMA), 1.0891 (Daily Open) and 1.0886 (Daily Low).
Regarding candlestick formations, we can see Hammer formation on the 1-hour
USD/CAD waiting for inflation data
Canadian inflation data may be the key trigger for USD/CAD today. Positive numbers will support the Canadian currency and push USD/CAD lower, though harsh movements are unlikely as we are nearing the weekend full of important risk events. Thus the traders may refrain from investment decisions before the geopolitical situation clears out. Watch for the key support of 1.0880, if it is broken, the downside will accelerate to 1.0850.
What price levels and patterns have to be considered?
Spot is presently trading at 1.0900, and next resistance can be seen at 1.0902 (Daily Classic PP), 1.0905 (Daily High), 1.0909 (Weekly Classic R1), 1.0912 (Weekly High) and 1.0919 (Daily 20 SMA).
Support below can be found at 1.0898 (Hourly 20 EMA), 1.0895 (Hourly 100 SMA), 1.0891 (Hourly 200 SMA), 1.0891 (Daily Open) and 1.0886 (Daily Low).
Regarding candlestick formations, we can see Hammer formation on the 1-hour