27 Jun 2014
USD/CAD's chances of 1.07 fading away
FXStreet (Guatemala) - USD/CAD is trading at 1.0675, down -0.13% on the day, having posted a daily high at 1.0698 and low at 1.0667.
USD/CAD continues to trade on the heavy side and analysts at TD Securities explained there’s no real sign of any let up in the USD/CAD slide on the charts; a soft close to the week overall—below 1.07 and other technical benchmarks—suggests more softness to come. “If there is a ray of light for the depressed USD on the short-term charts, it comes from the narrowing scale of the sell off seen through this week combined with the weakening in the (still bullish) short-term DMI reading. This suggests some weakening in the bear trend, but no reversal. If the USD can bounce near-term, we see limited upside scope—perhaps to the 1.0725/30 area at most in the next few days”.
USD/CAD Levels
Spot is presently trading at 1.0675, and next resistance can be seen at 1.0682 (Yesterday's Low), 1.0689 (Daily Open), 1.0689 (Monthly Low), 1.0689 (Weekly Low) and 1.0690 (Hourly 20 EMA). Support below can be found at 1.0672 (Daily Classic S1), 1.0667 (Daily Low), 1.0654 (Daily Classic S2), 1.0653 (Weekly Classic S2) and 1.0639 (YTD Low).
USD/CAD continues to trade on the heavy side and analysts at TD Securities explained there’s no real sign of any let up in the USD/CAD slide on the charts; a soft close to the week overall—below 1.07 and other technical benchmarks—suggests more softness to come. “If there is a ray of light for the depressed USD on the short-term charts, it comes from the narrowing scale of the sell off seen through this week combined with the weakening in the (still bullish) short-term DMI reading. This suggests some weakening in the bear trend, but no reversal. If the USD can bounce near-term, we see limited upside scope—perhaps to the 1.0725/30 area at most in the next few days”.
USD/CAD Levels
Spot is presently trading at 1.0675, and next resistance can be seen at 1.0682 (Yesterday's Low), 1.0689 (Daily Open), 1.0689 (Monthly Low), 1.0689 (Weekly Low) and 1.0690 (Hourly 20 EMA). Support below can be found at 1.0672 (Daily Classic S1), 1.0667 (Daily Low), 1.0654 (Daily Classic S2), 1.0653 (Weekly Classic S2) and 1.0639 (YTD Low).