Back
2 Aug 2013
USD/CAD cannot overtake 1.0400 level
FXstreet.com (New York) - The USD/CAD foreign exchange rate crept higher Friday, unable to ride its momentum over the 1.0400 hump during US trading.
USD/CAD strategic bias
According to the TD Securities Team, “We noted yesterday that an intraday move above 1.0330 for USD/CAD would be technically bullish and the break through that point has yielded a fairly quick move up towards the low 1.04 area. Prospects are turning a bit more obviously USD/CAD bullish, with the overnight push highe1r taking out the 40-day MA (1.0373). A firm weekly close (1.0340+) would be constructive.”
USD/CAD technical bias
At the time of writing, the USD/CAD is now trading near 1.0388, suffice to say recovered fully after the kneejerk reaction surrounding the earlier NFP miss. Presently the pair is opening up a gain of +0.39% above its opening and now appears slated to test resistances at 1.0406, onto 1.0460 (previous resistance at 1.0376 was broken).
USD/CAD strategic bias
According to the TD Securities Team, “We noted yesterday that an intraday move above 1.0330 for USD/CAD would be technically bullish and the break through that point has yielded a fairly quick move up towards the low 1.04 area. Prospects are turning a bit more obviously USD/CAD bullish, with the overnight push highe1r taking out the 40-day MA (1.0373). A firm weekly close (1.0340+) would be constructive.”
USD/CAD technical bias
At the time of writing, the USD/CAD is now trading near 1.0388, suffice to say recovered fully after the kneejerk reaction surrounding the earlier NFP miss. Presently the pair is opening up a gain of +0.39% above its opening and now appears slated to test resistances at 1.0406, onto 1.0460 (previous resistance at 1.0376 was broken).