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31 Jul 2014
USD/CAD daily chart offers bullish implications
FXStreet (Guatemala) - USD/CAD is trading at 1.0902, having posted a daily high at 1.0908 and low at 1.0897.
USD/CAD has been testing the 1.09 handle and as strategists at TD Securities have noted, the daily chart emphasizes a couple of things.
USD/CAD bullish daily chart analyses
“1) There is still ample room to correct the March/July decline in funds and 2) the underlying trend strength in the rally is developing nicely. Trend strength oscillators are aligning across a range of short, medium and long-term time frames and this is something we have learned from experience should not be ignored. We thought (correctly) that the 200-day MA would not be a huge barrier for the USD on the move up inter week but we would highlight the fact that, directionally, a weekly close above/below the 200-day MA has been an important, medium-term guide for USD/CAD in the past few years”. The analysts at TD Securities remain committed USD/CAD bulls and think that the upside is likely to extend to the 1.10/1.11 range in the weeks ahead.
USD/CAD Levels
Current price is 1.0903, with resistance ahead at 1.0912 (Daily Classic R2), 1.0918 (Yesterday's High) and 1.0955 (Daily Classic R3). Next support to the downside can be found at 1.0896 (Daily 100 SMA), 1.0860 and 1.0820.
USD/CAD has been testing the 1.09 handle and as strategists at TD Securities have noted, the daily chart emphasizes a couple of things.
USD/CAD bullish daily chart analyses
“1) There is still ample room to correct the March/July decline in funds and 2) the underlying trend strength in the rally is developing nicely. Trend strength oscillators are aligning across a range of short, medium and long-term time frames and this is something we have learned from experience should not be ignored. We thought (correctly) that the 200-day MA would not be a huge barrier for the USD on the move up inter week but we would highlight the fact that, directionally, a weekly close above/below the 200-day MA has been an important, medium-term guide for USD/CAD in the past few years”. The analysts at TD Securities remain committed USD/CAD bulls and think that the upside is likely to extend to the 1.10/1.11 range in the weeks ahead.
USD/CAD Levels
Current price is 1.0903, with resistance ahead at 1.0912 (Daily Classic R2), 1.0918 (Yesterday's High) and 1.0955 (Daily Classic R3). Next support to the downside can be found at 1.0896 (Daily 100 SMA), 1.0860 and 1.0820.