17 Feb 2015
USD/CAD hitting firm resistance at 1.2445/50
FXStreet (Guatemala) - USD/CAD is currently trading at 1.2437 with a high of 1.2452 (LND open) and a low of 1.2360.
USD/CAD is rallying with the commodity prices coming off, and oil in particular, with WTI dropping over two bucks in the last couple of hours of trade. Support in funds came in initially in the high 1.2300's after the decline from 1.2440 in earlier trade and this rally puts us back to the start again.
Meanwhile, analyst at TD Securities explained that the short-term technical winds here have been transitioning in the past week or so as USD/CAD has failed to gain traction above 1.26. "Trend momentum signals have slowly started to turn negative on the intraday studies." The analysts went onto to suggest that firm resistance is up ahead. "This all suggests that near-term downside risks are building for USD/CAD, we think. Intraday support at 1.2355/60 may hold for now but we would also expect firm resistance intraday around 1.2445/50."
USD/CAD is rallying with the commodity prices coming off, and oil in particular, with WTI dropping over two bucks in the last couple of hours of trade. Support in funds came in initially in the high 1.2300's after the decline from 1.2440 in earlier trade and this rally puts us back to the start again.
Meanwhile, analyst at TD Securities explained that the short-term technical winds here have been transitioning in the past week or so as USD/CAD has failed to gain traction above 1.26. "Trend momentum signals have slowly started to turn negative on the intraday studies." The analysts went onto to suggest that firm resistance is up ahead. "This all suggests that near-term downside risks are building for USD/CAD, we think. Intraday support at 1.2355/60 may hold for now but we would also expect firm resistance intraday around 1.2445/50."