23 Jun 2014
USD/CAD taking out strong key support
FXStreet (Guatemala) - USD/CAD is trading at 1.0730, down -0.25% on the day, having posted a daily high at 1.0764 and low at 1.0725.
USD/CAD is testing the key support lines, with already having removed the channel support and now eyes the daily key support protecting the 1.07 handle. However, and meanwhile, the USD/CAD spot is in extremely oversold territory according to the hourly FXStreet OB/OS Index, while the FXStreet Trend Index is only reading slightly bearish indicating the knee jerk reaction to the surprise Chinese HSBC Manufacturing PMI readings might be short lived damage to the greenback.
USD/CAD Levels
Current price is 1.0731, with resistance ahead at 1.0749 (Yesterday's Low), 1.0756 (Daily Open), 1.0758 (Monthly Low), 1.0758 (Weekly Low) and 1.0764 (Daily High). Next support to the downside can be found at 1.0729 (Daily Classic S1), 1.0725 (Daily Low), 1.0705 (Weekly Classic S1), 1.0699 (Daily Classic S2) and 1.0653 (Weekly Classic S2).
USD/CAD is testing the key support lines, with already having removed the channel support and now eyes the daily key support protecting the 1.07 handle. However, and meanwhile, the USD/CAD spot is in extremely oversold territory according to the hourly FXStreet OB/OS Index, while the FXStreet Trend Index is only reading slightly bearish indicating the knee jerk reaction to the surprise Chinese HSBC Manufacturing PMI readings might be short lived damage to the greenback.
USD/CAD Levels
Current price is 1.0731, with resistance ahead at 1.0749 (Yesterday's Low), 1.0756 (Daily Open), 1.0758 (Monthly Low), 1.0758 (Weekly Low) and 1.0764 (Daily High). Next support to the downside can be found at 1.0729 (Daily Classic S1), 1.0725 (Daily Low), 1.0705 (Weekly Classic S1), 1.0699 (Daily Classic S2) and 1.0653 (Weekly Classic S2).