7 Jul 2014
USD/CAD declines to 1.0630 on firm CAD
FXStreet (San Francisco) - The USD/CAD continues to decline from intra-day highs around 1.0665 and now the pair is trading at lows around 1.0630.
Recent upbeat housing data in Canada added more strength to the Canadian Dollar that continues firm inside its recent range.
Currently, USD/CAD is trading at 1.0637, down 0.15% on the day, having posted a daily high at 1.0669 and low at 1.0627. The FXStreet OB/OS Index is reflecting neutral hourly conditions, while the FXStreet Trend Index is slightly bearish.
USD/CAD sentiment
"Looking first to the weekly chart, the pair is testing a 2-year bullish trend line off its September 2012 low at .9632, as well as the 38.2% retracement of this trend. This converging support area could lead to a bounce this week, especially if Canadian data generally misses expectations," comments Matt Weller from Forex.com.
"That said, the weekly RSI broke below its corresponding trend line long ago, and if price follows the indicator lower, a quick move down to the 50% Fibonacci retracement at 1.0455 may be seen next," Weller concluded.
Recent upbeat housing data in Canada added more strength to the Canadian Dollar that continues firm inside its recent range.
Currently, USD/CAD is trading at 1.0637, down 0.15% on the day, having posted a daily high at 1.0669 and low at 1.0627. The FXStreet OB/OS Index is reflecting neutral hourly conditions, while the FXStreet Trend Index is slightly bearish.
USD/CAD sentiment
"Looking first to the weekly chart, the pair is testing a 2-year bullish trend line off its September 2012 low at .9632, as well as the 38.2% retracement of this trend. This converging support area could lead to a bounce this week, especially if Canadian data generally misses expectations," comments Matt Weller from Forex.com.
"That said, the weekly RSI broke below its corresponding trend line long ago, and if price follows the indicator lower, a quick move down to the 50% Fibonacci retracement at 1.0455 may be seen next," Weller concluded.