30 Jan 2014
USD/CAD revisiting lows near 1.1160
FXstreet.com (Edinburgh) - The USD upside is now taking a breather, with the USD/CAD drifting to session lows in the 1.1160/55 region.
USD/CAD weaker after hitting multi-year peaks
The pair kept pushing higher post-FOMC decision on Wednesday, advancing to fresh multi-year highs just a pip away from the critical 1.1200 overnight. However, the pair started a correction lower since then, dropping to 1.1150 during the European afternoon. “The overall bull trend remains very strong on the daily studies and we look for limited weakness in USDCAD from here as a result. Trend channel support at 1.1127 on the daily chart should hold modest corrective pressure for the moment”.
USD/CAD key levels
At the time of writing, the pair is down 0.17% at 1.1156 with the immediate support at 1.1103 (low Jan.29) ahead of 1.1078 (low Jan.28) and then 1.1048 (10-d MA). On the upside, a breakout of 1.1199 (2014 high Jan.30) would aim for 1.1200 (psychological level) and finally 1.1226 (high Jul.16 2009).
USD/CAD weaker after hitting multi-year peaks
The pair kept pushing higher post-FOMC decision on Wednesday, advancing to fresh multi-year highs just a pip away from the critical 1.1200 overnight. However, the pair started a correction lower since then, dropping to 1.1150 during the European afternoon. “The overall bull trend remains very strong on the daily studies and we look for limited weakness in USDCAD from here as a result. Trend channel support at 1.1127 on the daily chart should hold modest corrective pressure for the moment”.
USD/CAD key levels
At the time of writing, the pair is down 0.17% at 1.1156 with the immediate support at 1.1103 (low Jan.29) ahead of 1.1078 (low Jan.28) and then 1.1048 (10-d MA). On the upside, a breakout of 1.1199 (2014 high Jan.30) would aim for 1.1200 (psychological level) and finally 1.1226 (high Jul.16 2009).