2 Dec 2013
USD/CAD running with a positive tone
FXstreet.com (London) - USD/CAD has tracked a little lower from the mid 1.06 area reached earlier in the session but the broader trend remains constructive on the short-term charts.
Strategists at TD Securities said they rather think there is limited scope for the USD to soften materially at the moment. “Trend momentum remains constructive on the 6-hour chart and the market’s push through trend channel resistance in the low 1.06 area last week suggests that the move up may be accelerating. We look for firm support now on dips to the 1.0575/1.0625 range”.
USD/CAD Levels
The 20 DMA is 1.0491, the 50 DMA is 1.0410 and the 200 DMA is 1.0327. RSI (14) reads 58.14. Supports are ascending from 1.0436, 1.0485, 1.0516, 1.0550 and 1.0625. Spot is 1.0640 1.0658, 1.0674, 1.0721 and 1.0745.
Strategists at TD Securities said they rather think there is limited scope for the USD to soften materially at the moment. “Trend momentum remains constructive on the 6-hour chart and the market’s push through trend channel resistance in the low 1.06 area last week suggests that the move up may be accelerating. We look for firm support now on dips to the 1.0575/1.0625 range”.
USD/CAD Levels
The 20 DMA is 1.0491, the 50 DMA is 1.0410 and the 200 DMA is 1.0327. RSI (14) reads 58.14. Supports are ascending from 1.0436, 1.0485, 1.0516, 1.0550 and 1.0625. Spot is 1.0640 1.0658, 1.0674, 1.0721 and 1.0745.