9 Mar 2015
USD/CAD is lacking conviction in sideways channle
FXStreet (Guatemala) - USD/CAD is currently trading at 1.2595 with a high of 1.2628 and a low of 1.2571.
USD/CAD remains in a sideways channel between the 40 DMA around 1.2400 and 1.2800 on the four hour chart. There are dips that are picked up below 1.240 as deep as 1.2347, but overall, the price action is directionless.
Analysts at TD Securities explained that the longer-term price action is not really providing much more insight into likely developments. "Like the 6-hour chart, the USD’s push through consolidation resistance at 1.2589 (now support) should have spelt a resumption of the broader trend move up." The analysts added, "Unless the USD can pick up more support quickly from here, the rally may stall and the USD will drop back."
USD/CAD remains in a sideways channel between the 40 DMA around 1.2400 and 1.2800 on the four hour chart. There are dips that are picked up below 1.240 as deep as 1.2347, but overall, the price action is directionless.
Analysts at TD Securities explained that the longer-term price action is not really providing much more insight into likely developments. "Like the 6-hour chart, the USD’s push through consolidation resistance at 1.2589 (now support) should have spelt a resumption of the broader trend move up." The analysts added, "Unless the USD can pick up more support quickly from here, the rally may stall and the USD will drop back."