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1 Aug 2014
USD/CAD struggles to extend rally on the 1.09 handle
FXStreet (Guatemala) - USD/CAD is trading at 1.0914, up 0.08% on the day, having posted a daily high at 1.0945 and low at 1.0883.
USD/CAD’s rally has struggled to extend so far today, but remains supported by the ascending support line, despite the dip lower from the highs scored through 1.0940. Analyst’s at TD Securities explained that the market has come a long way in a short space of time without any real correction so we will have to allow for the risk of some back and filling of the rally near-term before the underlying bull move resumes. “We think the mid/upper 1.08s will provide the USD with some decent support in the short-term, stronger support currently resides in the 1.0815/20 area. We had expected limited counter-trend corrections in this market but with price turning a little heavy in the mid 1.09s, we may have to allow for a dip to the low/mid 1.08s near-term”.
USD/CAD Levels
Spot is presently trading at 1.0915, and next resistance can be seen at 1.0916 (Hourly 20 EMA), 1.0930 (Yesterday's High), 1.0932 (Daily Classic R1), 1.0945 (Daily High) and 1.0958 (Daily Classic R2). Support below can be found at 1.0906 (Daily Open) and 1.0895 (Weekly Classic R2).
USD/CAD’s rally has struggled to extend so far today, but remains supported by the ascending support line, despite the dip lower from the highs scored through 1.0940. Analyst’s at TD Securities explained that the market has come a long way in a short space of time without any real correction so we will have to allow for the risk of some back and filling of the rally near-term before the underlying bull move resumes. “We think the mid/upper 1.08s will provide the USD with some decent support in the short-term, stronger support currently resides in the 1.0815/20 area. We had expected limited counter-trend corrections in this market but with price turning a little heavy in the mid 1.09s, we may have to allow for a dip to the low/mid 1.08s near-term”.
USD/CAD Levels
Spot is presently trading at 1.0915, and next resistance can be seen at 1.0916 (Hourly 20 EMA), 1.0930 (Yesterday's High), 1.0932 (Daily Classic R1), 1.0945 (Daily High) and 1.0958 (Daily Classic R2). Support below can be found at 1.0906 (Daily Open) and 1.0895 (Weekly Classic R2).