25 Jul 2014
USD/CAD offers a bullish picture
FXStreet (Guatemala) - USD/CAD is trading at 1.0815, up 0.67% on the day, having posted a daily high at 1.0823 and low at 1.0734.
Analysts at TD Securities have noted that Shorter-term technical patterns are positive for USD/CAD. “Aside from the USD break out on the 6-hour chart noted above, USD/CAD, is breaking trend channel resistance on the daily chart, indicating that the rebound from medium-term support in the low 1.06 zone is poised to continue. Trend momentum is favourable for an extension higher on the short-term charts at least”.
USD/CAD Levels
“The low 1.08 zone where the May/June lows and the 200-day MA converge at 1.0815/20 is an obvious area for the rally to stall but we think the short-term technical set up favours the USD rally extending. We remain bullish”.
Current price is 1.0816, with resistance ahead at 1.0823 (Daily High), 1.0828 (Daily 200 SMA), 1.0875 (Weekly Classic R3) and 1.0904 (Daily 100 SMA). Next support to the downside can be found at 1.0800 (Daily Classic R3), 1.0785 (Weekly Classic R1), 1.0777 (Daily Classic R2), 1.0771 (Hourly 20 EMA) and 1.0762 (Monthly High).
Analysts at TD Securities have noted that Shorter-term technical patterns are positive for USD/CAD. “Aside from the USD break out on the 6-hour chart noted above, USD/CAD, is breaking trend channel resistance on the daily chart, indicating that the rebound from medium-term support in the low 1.06 zone is poised to continue. Trend momentum is favourable for an extension higher on the short-term charts at least”.
USD/CAD Levels
“The low 1.08 zone where the May/June lows and the 200-day MA converge at 1.0815/20 is an obvious area for the rally to stall but we think the short-term technical set up favours the USD rally extending. We remain bullish”.
Current price is 1.0816, with resistance ahead at 1.0823 (Daily High), 1.0828 (Daily 200 SMA), 1.0875 (Weekly Classic R3) and 1.0904 (Daily 100 SMA). Next support to the downside can be found at 1.0800 (Daily Classic R3), 1.0785 (Weekly Classic R1), 1.0777 (Daily Classic R2), 1.0771 (Hourly 20 EMA) and 1.0762 (Monthly High).