18 Sep 2013
USD/CAD recovers from 1.0290
FXstreet.com (Edinburgh) -The USD dollar extends its recovery from intraday support at 1.0290 on Wednesday, pushing the USD/CAD to a test of the 1.0320 level.
USD/CAD weaker in September
The decline from early September peaks around 1.0560 seems to have stalled in the lower 1.0290/1.0300 band, although the pair remains under pressure ahead of today’s FOMC meeting. Greg Moore and S.Osborne, FX Strategists at TD Securities, commented, “Oscillator signals suggest that the USD is oversold on the hourly, 6-hour and daily charts. A divergence between the easing spot rate and the rising oscillator study (typically, a warning that a weakening trend is poised to reverse) is obvious on the 6-hour. Gains through trend resistance off the early September highs are also supportive for a rebound to the upper 1.03 area”.
USD/CAD key levels
The pair is now up 0.13% at 1.0310 with the next resistance at 1.0334 (high Sep.17) ahead of 1.0357 (high Sep.16) and then 1.0366 (high Sep.11). On the flip side, a breach of 1.0275 (low Sep.17) would open the door to 1.0245 (low Jul.31) and finally 1.0212 (MA200d).
USD/CAD weaker in September
The decline from early September peaks around 1.0560 seems to have stalled in the lower 1.0290/1.0300 band, although the pair remains under pressure ahead of today’s FOMC meeting. Greg Moore and S.Osborne, FX Strategists at TD Securities, commented, “Oscillator signals suggest that the USD is oversold on the hourly, 6-hour and daily charts. A divergence between the easing spot rate and the rising oscillator study (typically, a warning that a weakening trend is poised to reverse) is obvious on the 6-hour. Gains through trend resistance off the early September highs are also supportive for a rebound to the upper 1.03 area”.
USD/CAD key levels
The pair is now up 0.13% at 1.0310 with the next resistance at 1.0334 (high Sep.17) ahead of 1.0357 (high Sep.16) and then 1.0366 (high Sep.11). On the flip side, a breach of 1.0275 (low Sep.17) would open the door to 1.0245 (low Jul.31) and finally 1.0212 (MA200d).