21 Aug 2013
USD/CAD finding offers 1.0440
FXstreet.com (Barcelona) - USD/CAD has continued to advance and is now trading through the 1.0440 resistances set earlier on this year in May and July.
USD/CAD is currently finding offers through 1.0440 and London is going to be reluctant to push too many barriers while FOMC minutes are coming up in the evening. The pair hasn’t otherwise got anything on the calendar of importance today. ”While the USD is tracking a modestly firmer course so far today and while we remain broadly bullish on the USD outlook– we still rather think key short-term resistance remains 1.0425/45 and that the USD is essentially range bound until this level breaks”, said research teams at TD Securities.
USD/CAD bullish bias
The teams at TD Securities continued to say “We remain bullish on the outlook for USD/CAD overall, however, and think the USD appreciation over the past few days should serve to reinforce key support at 1.0290/95. We think USD/CAD losses should remain contained to the low 1.03 now and that modest dips in spot provide a decent buying opportunity against a well-defined risk point”. The 20 DMA is 1.0334, 50 DMA is 1.0377 and the 200 DMA is 1.0160. RSI (9) reads 59.04. Supports are ascending from 1.0245, 1.0265, 1.0292 and 1.0316. Spot is currently 1.0435 while resistances are 1.0445 1.0472.
USD/CAD is currently finding offers through 1.0440 and London is going to be reluctant to push too many barriers while FOMC minutes are coming up in the evening. The pair hasn’t otherwise got anything on the calendar of importance today. ”While the USD is tracking a modestly firmer course so far today and while we remain broadly bullish on the USD outlook– we still rather think key short-term resistance remains 1.0425/45 and that the USD is essentially range bound until this level breaks”, said research teams at TD Securities.
USD/CAD bullish bias
The teams at TD Securities continued to say “We remain bullish on the outlook for USD/CAD overall, however, and think the USD appreciation over the past few days should serve to reinforce key support at 1.0290/95. We think USD/CAD losses should remain contained to the low 1.03 now and that modest dips in spot provide a decent buying opportunity against a well-defined risk point”. The 20 DMA is 1.0334, 50 DMA is 1.0377 and the 200 DMA is 1.0160. RSI (9) reads 59.04. Supports are ascending from 1.0245, 1.0265, 1.0292 and 1.0316. Spot is currently 1.0435 while resistances are 1.0445 1.0472.