28 Apr 2014
USD/CAD dips to lows around 1.1020
FXStreet (Edinburgh) - The ongoing weakness around the greenback is dragging the USD/CAD to post fresh session lows in the 1.1020/15 region on Monday.
How strong has the move been?
Currently RSI is at 51.83, down from the last hourly print at 55.49, with ADX at 20.76, down from its previous close at 22.16. Daily RSI sits at 52.38, in neutral territory. Spot is now deflating from recent peaks in the mid-1.10s, after failing to convincingly trespass the 1.1050 level last week. Later on, US Pending Home Sales are due ahead of tomorrow's Consumer Confidence. In Canada, the next key release will be February's GDP figures dur on Wednesday. "This week could be a ‘range-breaker’ for USDCAD, but NFPs supersede virtually everything on the US-side, including Q1 GDP and the FOMC. With the threat of trade and economic sanctions on Russia currently still relatively latent, the CAD has been a bit better supported so far today", observed Stephen Gallo, European Head FX Strategy at BMO.
What price levels and patterns have to be considered?
Currently, USD/CAD is trading at 1.1019, down -0.14% on the day, having posted a daily high at 1.1042 and low at 1.1015.Current price is 1.1024, with resistance ahead at 1.1028 (Hourly 100 SMA), 1.1031 (Weekly Classic PP), 1.1033 (Hourly 20 EMA), 1.1033 (Daily Classic PP) and1.1039 (Daily Open).Next support to the downside can be found at 1.1019 (Daily 20 SMA), 1.1018 (Daily Classic S1), 1.1016 (Hourly 200 SMA),1.1015 (Daily Low) and 1.1011 (Weekly Low).
How strong has the move been?
Currently RSI is at 51.83, down from the last hourly print at 55.49, with ADX at 20.76, down from its previous close at 22.16. Daily RSI sits at 52.38, in neutral territory. Spot is now deflating from recent peaks in the mid-1.10s, after failing to convincingly trespass the 1.1050 level last week. Later on, US Pending Home Sales are due ahead of tomorrow's Consumer Confidence. In Canada, the next key release will be February's GDP figures dur on Wednesday. "This week could be a ‘range-breaker’ for USDCAD, but NFPs supersede virtually everything on the US-side, including Q1 GDP and the FOMC. With the threat of trade and economic sanctions on Russia currently still relatively latent, the CAD has been a bit better supported so far today", observed Stephen Gallo, European Head FX Strategy at BMO.
What price levels and patterns have to be considered?
Currently, USD/CAD is trading at 1.1019, down -0.14% on the day, having posted a daily high at 1.1042 and low at 1.1015.Current price is 1.1024, with resistance ahead at 1.1028 (Hourly 100 SMA), 1.1031 (Weekly Classic PP), 1.1033 (Hourly 20 EMA), 1.1033 (Daily Classic PP) and1.1039 (Daily Open).Next support to the downside can be found at 1.1019 (Daily 20 SMA), 1.1018 (Daily Classic S1), 1.1016 (Hourly 200 SMA),1.1015 (Daily Low) and 1.1011 (Weekly Low).