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30 Jul 2014
USD/CAD breaks and closes above 200DMA
FXStreet (Bali) - USD/CAD made a new 6-week high breaking and closing for the day above the 200-day SMA, reinforcing the bullish bias in the pair near term.
Peter Fell, Analyst at FXBeat, notes: "Rising from 1.0800, momentum stops were triggered around the 200 DMA, the pair rose to 1.0866 before giving up some ground to close at 1.0852."
"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 1.0790/00. Buy orders are touted between 1.0820/30", Fell adds.
Peter Fell, Analyst at FXBeat, notes: "Rising from 1.0800, momentum stops were triggered around the 200 DMA, the pair rose to 1.0866 before giving up some ground to close at 1.0852."
"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 1.0790/00. Buy orders are touted between 1.0820/30", Fell adds.