28 Jul 2014
USD/CAD consolidates ahead of 200DMA
FXStreet (Bali) - USD/CAD is trading at 1.0813, almost unchanged since the last NY close, having posted a daily high at 1.0819 and low at 1.0809.
USD/CAD spot is in overbought territory according to the hourly FXStreet OB/OS Index, while the FXStreet Trend Index is slightly bullish. RSI is in neutral territory at 59.19, down from it’s last hourly close at 77.97, while ADX is ranging above 30 at 13.84, down from 31.42 at the last hourly close. Looking to a daily chart, we see that RSI is neutral at 60.13. The 200 SMA is currently at 1.0753, up from 1.0746 at the last period close.
Peter Fell, Analyst at FXBeat, notes: "Trend-line resistance off the March high (1.1279) has given way and a move higher looks to be on the cards. Stop buy orders are said to have been placed above 200 DMA at 1.0832. Resistance is now seen at 1.0872 is 38.2% fibo on the 1.1279/1.0621 decline, a break above would target a move towards 1.0950, 50% fib on the same move, support seen 1.0775/80."
USD/CAD spot is in overbought territory according to the hourly FXStreet OB/OS Index, while the FXStreet Trend Index is slightly bullish. RSI is in neutral territory at 59.19, down from it’s last hourly close at 77.97, while ADX is ranging above 30 at 13.84, down from 31.42 at the last hourly close. Looking to a daily chart, we see that RSI is neutral at 60.13. The 200 SMA is currently at 1.0753, up from 1.0746 at the last period close.
Peter Fell, Analyst at FXBeat, notes: "Trend-line resistance off the March high (1.1279) has given way and a move higher looks to be on the cards. Stop buy orders are said to have been placed above 200 DMA at 1.0832. Resistance is now seen at 1.0872 is 38.2% fibo on the 1.1279/1.0621 decline, a break above would target a move towards 1.0950, 50% fib on the same move, support seen 1.0775/80."