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19 Feb 2013
Forex: USD/CAD retraces from highs, around 1.0115/20
After hitting fresh intraday lows against the greenback in the boundaries of 1.0140, the Canadian dollar has gathered some traction and dragged the cross back to the region of 1.0115/20
According to the research team at TD Securities, the broad structure of the cross remained constructive in the past sessions and is now starting to bear fruits. “We remain of the opinion that 1.0300 area is reachable in the next few weeks… Note that trend momentum indicators are bullishly aligned on the short, medium and long-term charts—a very constructive situation that boosts our bullish conviction”, concluded the experts.
USD/CAD is now advancing 0.12% at 1.0119 with the next resistance at 1.0132 (low Jul.23) ahead of 1.0135 (61.8% of 1.0446-0.9633) and then 1.0200 (psychological level).
On the downside, a breach of 1.0055 (low Feb.18) would expose 1.0035 (MA10d) and then 1.0015 (MA21d).
According to the research team at TD Securities, the broad structure of the cross remained constructive in the past sessions and is now starting to bear fruits. “We remain of the opinion that 1.0300 area is reachable in the next few weeks… Note that trend momentum indicators are bullishly aligned on the short, medium and long-term charts—a very constructive situation that boosts our bullish conviction”, concluded the experts.
USD/CAD is now advancing 0.12% at 1.0119 with the next resistance at 1.0132 (low Jul.23) ahead of 1.0135 (61.8% of 1.0446-0.9633) and then 1.0200 (psychological level).
On the downside, a breach of 1.0055 (low Feb.18) would expose 1.0035 (MA10d) and then 1.0015 (MA21d).