24 Jul 2013
Flash: USD/CAD faces bearish outlook – UBS
FXstreet.com (New York) - UBS Strategists, Gareth Berry and Geoffrey Yu take a technical perspective at today's commodity-based currencies and outline the technical positions.
Key quotes
In terms of the AUD/USD, “With the bear trend intact, focus is for further downside. Initial support is at 0.9138 ahead of 0.8999. There is a strong resistance at 0.9333, which is expected to hold the recent upside move, suggesting a bearish outlook.”
Moving to the USD/CAD, “Yesterday the pair closed below critical support at 1.0311. This was a bearish development opening 1.0241. Resistance is at 1.0312 ahead of 1.0442, indicating a bearish outlook.”
Key quotes
In terms of the AUD/USD, “With the bear trend intact, focus is for further downside. Initial support is at 0.9138 ahead of 0.8999. There is a strong resistance at 0.9333, which is expected to hold the recent upside move, suggesting a bearish outlook.”
Moving to the USD/CAD, “Yesterday the pair closed below critical support at 1.0311. This was a bearish development opening 1.0241. Resistance is at 1.0312 ahead of 1.0442, indicating a bearish outlook.”