15 Jul 2014
USD/CAD holding its own tucked in below the high
FXStreet (Guatemala) - USD/CAD is trading at 1.0760, up 0.45% on the day, having posted a daily high at 1.0770 and low at 1.0707.
USD/CAD has been a mover ahead of the BoC and Strategists at TD Securities suggested that USD/CAD price action signaled a strong rejection of the low 1.06 area via a bullish outside range day Friday and a more complex bull reversal signal on the weekly charts (bullish “morning star” pattern). “The low for the extended correction in funds from the 1.1277 high looks to be in. With CAD positioning/sentiment more neutral now, we think the stage is set for a rebound in funds. This is not a slam dunk situation—the underlying momentum on the longer-term charts is still negative. But a push through resistance in the 1.0820/30 area would be a very bullish signal from here we feel”.
USD/CAD Levels
With spot trading at 1.0761, we can see next resistance ahead at 1.0765 (Daily Classic R2), 1.0770 (Daily High), 1.0773 (Weekly Classic R1), 1.0780 (Daily Classic R3) and 1.0812 (Weekly Classic R2). Support below can be found at 1.0749 (Yesterday's High), 1.0740 (Hourly 20 EMA), 1.0738 (Daily Classic R1), 1.0734 (Weekly High) and 1.0723 (Daily Classic PP).
USD/CAD has been a mover ahead of the BoC and Strategists at TD Securities suggested that USD/CAD price action signaled a strong rejection of the low 1.06 area via a bullish outside range day Friday and a more complex bull reversal signal on the weekly charts (bullish “morning star” pattern). “The low for the extended correction in funds from the 1.1277 high looks to be in. With CAD positioning/sentiment more neutral now, we think the stage is set for a rebound in funds. This is not a slam dunk situation—the underlying momentum on the longer-term charts is still negative. But a push through resistance in the 1.0820/30 area would be a very bullish signal from here we feel”.
USD/CAD Levels
With spot trading at 1.0761, we can see next resistance ahead at 1.0765 (Daily Classic R2), 1.0770 (Daily High), 1.0773 (Weekly Classic R1), 1.0780 (Daily Classic R3) and 1.0812 (Weekly Classic R2). Support below can be found at 1.0749 (Yesterday's High), 1.0740 (Hourly 20 EMA), 1.0738 (Daily Classic R1), 1.0734 (Weekly High) and 1.0723 (Daily Classic PP).