21 Mar 2014
USD/CAD bounces at 1.1170 and trades back above 1.1200
FXStreet (San Francisco) - The USD/CAD was trading under pressure following upbeat consumer prices in Canada that dragged the pair below the 1.1200 level to trade as low as 1.1170.
However, the USD/CAD bounced at this level and it recovered the 1.1200 area. Now it is pricing at 1.1210, 0.29% negative on the day. Short term perspective remains strongly bearish according to the FXStreet trend index in the 15-minute chart. MACD, CCI and Momentum are pointing to the south while the Stochastic is neutral.
USD/CAD levels
On the upside, the initial hurdle aligns at 1.1300 (psychological level) ahead of 1.1669 (61.8% of 1.3066-0.9407) and then 1.1680 (high Jul.10 2009). ON the downside, below the 1.1170, a breakdown of 1.1122 (low Mar.19) would target 1.1045 (daily cloud top) and finally 1.1025 (low Mar.18).
However, the USD/CAD bounced at this level and it recovered the 1.1200 area. Now it is pricing at 1.1210, 0.29% negative on the day. Short term perspective remains strongly bearish according to the FXStreet trend index in the 15-minute chart. MACD, CCI and Momentum are pointing to the south while the Stochastic is neutral.
USD/CAD levels
On the upside, the initial hurdle aligns at 1.1300 (psychological level) ahead of 1.1669 (61.8% of 1.3066-0.9407) and then 1.1680 (high Jul.10 2009). ON the downside, below the 1.1170, a breakdown of 1.1122 (low Mar.19) would target 1.1045 (daily cloud top) and finally 1.1025 (low Mar.18).