11 Apr 2014
USD/CAD risks to the downside prevail
FXStreet (Guatemala) - In the absence of domestic data for Canada, USD/CAD has been subject to the broader USD tone. Currently, USD/CAD is trading at 1.0964, up 0.26% on the day, having posted a daily high at 1.0985 and low at 1.0915.
USD/CAD’s chart
USD/CAD’s rebound extended through short-term resistance in the low 1.09 area but the rally still looks consolidative according to strategists at TD Securities. “Our early read of the price signals this morning suggests that the short-term rebound has stalled, resistance here is capping and we still rather think there is a risk of renewed weakness in funds in the short run (to the low 1.07 area). Losses may pick up again near-term below 1.0914 intraday”. On the hourly USD/CAD chart, the 200 SMA is declining and currently at 1.0917, down from the previous hour close at 1.0974. On average, the exponential closing price for the past 20 days is 1.1027, with the trend indicating a continuation lower ahead.
USD/CAD Levels
Current price is 1.0964, with resistance ahead at 1.0974 (Hourly 200 SMA), 1.0982 (Weekly High), 1.0983 (Daily Classic R2), 1.0985 (Daily High) and 1.1003 (Weekly Classic PP). Next support to the downside can be found at 1.0959 (Daily Classic R1), 1.0946 (Hourly 20 EMA), 1.0937 (Yesterday's High), 1.0936 (Daily Open) and 1.0935 (Weekly Classic S1).
USD/CAD’s chart
USD/CAD’s rebound extended through short-term resistance in the low 1.09 area but the rally still looks consolidative according to strategists at TD Securities. “Our early read of the price signals this morning suggests that the short-term rebound has stalled, resistance here is capping and we still rather think there is a risk of renewed weakness in funds in the short run (to the low 1.07 area). Losses may pick up again near-term below 1.0914 intraday”. On the hourly USD/CAD chart, the 200 SMA is declining and currently at 1.0917, down from the previous hour close at 1.0974. On average, the exponential closing price for the past 20 days is 1.1027, with the trend indicating a continuation lower ahead.
USD/CAD Levels
Current price is 1.0964, with resistance ahead at 1.0974 (Hourly 200 SMA), 1.0982 (Weekly High), 1.0983 (Daily Classic R2), 1.0985 (Daily High) and 1.1003 (Weekly Classic PP). Next support to the downside can be found at 1.0959 (Daily Classic R1), 1.0946 (Hourly 20 EMA), 1.0937 (Yesterday's High), 1.0936 (Daily Open) and 1.0935 (Weekly Classic S1).