Back
19 Jun 2013
USD/CAD upside attempts capped at 1.0200
FXstreet.com (Edinburgh) - The USD/CAD is now gathering some traction after bottoming out around 1.0180, although the bullish attempts seem to be contained by 1.0200 the figure so far.
USD/CAD looking to break the recent congestion
The pair has been gyrating around 1.0200 since early June, apparently unable to find the proper catalyst to break the current pattern either way. “Trend momentum is not helping one way or the other at this point as readings on the short and medium-term studies are neutral. That should help limit losses on the one hand but leave gains a little harder to come by on the other—unless or until USD/CAD can make more progress above the 1.0250/80 region”, commented G.Moore and S.Osborne, FX Strategists at TD Securities.
USD/CAD critical levels
The pair is now retreating 0.22% at 1.0191 with the next support at 1.0177 (MA200h) followed by 1.0150 (low Jun.17) and finally 1.0137 (low Jun.14). On the flip side, a breakout of 1.0239 (high Jun.19) would open the door to 1.0245 (38.2% of 1.0421-1.0137) and then 1.0288 (high Jun.7).
USD/CAD looking to break the recent congestion
The pair has been gyrating around 1.0200 since early June, apparently unable to find the proper catalyst to break the current pattern either way. “Trend momentum is not helping one way or the other at this point as readings on the short and medium-term studies are neutral. That should help limit losses on the one hand but leave gains a little harder to come by on the other—unless or until USD/CAD can make more progress above the 1.0250/80 region”, commented G.Moore and S.Osborne, FX Strategists at TD Securities.
USD/CAD critical levels
The pair is now retreating 0.22% at 1.0191 with the next support at 1.0177 (MA200h) followed by 1.0150 (low Jun.17) and finally 1.0137 (low Jun.14). On the flip side, a breakout of 1.0239 (high Jun.19) would open the door to 1.0245 (38.2% of 1.0421-1.0137) and then 1.0288 (high Jun.7).