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31 Oct 2013
USD/CAD running out of steam?
FXstreet.com (London) - USD/CAD has been capped through 1.0490 and ahead of territory in the 1.05 handle. The pair is unwinding down to lows of 1.0419.
Strategists at TD Securities studied the pair from a technical point of view and noted that the USD/CAD’s rally has lost momentum after extending to new, short-term cycle highs late yesterday. “However, noted short- term support at 1.0420 has held the initial test and the rejection of the support zone over the past 1-2 hours (bull “hammer” on the hourly chart) suggests that a minor low may be in for the session now. Trend momentum has slipped so short-term gains may be a bit of a grind back towards 1.05 from here in the near term”.
USD/CAD Levels
The 20 DMA is 1.0366, the 50 DMA is 1.0379 and the 200 DMA is 1.0278. RSI (14) reads 33.60. Supports are ascending from 1.0340, 1.0366, 1.0410, 1.0419, 1.0480, 1.0505 1.0516 1.0560 and 1.0609
Strategists at TD Securities studied the pair from a technical point of view and noted that the USD/CAD’s rally has lost momentum after extending to new, short-term cycle highs late yesterday. “However, noted short- term support at 1.0420 has held the initial test and the rejection of the support zone over the past 1-2 hours (bull “hammer” on the hourly chart) suggests that a minor low may be in for the session now. Trend momentum has slipped so short-term gains may be a bit of a grind back towards 1.05 from here in the near term”.
USD/CAD Levels
The 20 DMA is 1.0366, the 50 DMA is 1.0379 and the 200 DMA is 1.0278. RSI (14) reads 33.60. Supports are ascending from 1.0340, 1.0366, 1.0410, 1.0419, 1.0480, 1.0505 1.0516 1.0560 and 1.0609