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3 Apr 2014
USD/CAD up 0.05%; technically soft
FXStreet (Guatemala) - Currently, USD/CAD is trading at 1.1033, up 0.05% on the day, having posted a daily high at 1.1039 and low at 1.1003.
USD/CAD has been indecisive, in a range of 40 pips. Strategists at TD Securities noted that, “USD/CAD looks technically soft and short-term trend momentum is bearish but this is not a situation that is reflected in the longer studies so we are unable to come to a “high conviction” bear view at this point. Rather, the charts highlight the rising risk of further losses and the potential for a retest of the 1.09 area”.
RSI moving higher although lower momentum
Currently RSI is at 61.35, up from the last hourly print at 53.59, with ADX at 20.27, up from its previous close at 17.82. Daily RSI sits at 43.75, in neutral territory. Looking to momentum indicators, the hourly 200 SMA is currently at 1.1027, down from the last close at 1.1088 and declining. Over the past 20 days, the exponential average closing price is 1.1092, and trending lower.
USD/CAD Levels
Spot is presently trading at 1.1036, and next resistance can be seen at 1.1038 (Hourly 100 SMA), 1.1039 (Daily High), 1.1049 (Yesterday's High), 1.1052 (Daily Classic R1) and 1.1060 (Weekly High). Support below can be found at 1.1033 (Daily Open), 1.1027 (Daily Classic PP), 1.1024 (Weekly Low),1.1024 (Hourly 20 EMA) and 1.1005 (Daily Classic S1).
USD/CAD has been indecisive, in a range of 40 pips. Strategists at TD Securities noted that, “USD/CAD looks technically soft and short-term trend momentum is bearish but this is not a situation that is reflected in the longer studies so we are unable to come to a “high conviction” bear view at this point. Rather, the charts highlight the rising risk of further losses and the potential for a retest of the 1.09 area”.
RSI moving higher although lower momentum
Currently RSI is at 61.35, up from the last hourly print at 53.59, with ADX at 20.27, up from its previous close at 17.82. Daily RSI sits at 43.75, in neutral territory. Looking to momentum indicators, the hourly 200 SMA is currently at 1.1027, down from the last close at 1.1088 and declining. Over the past 20 days, the exponential average closing price is 1.1092, and trending lower.
USD/CAD Levels
Spot is presently trading at 1.1036, and next resistance can be seen at 1.1038 (Hourly 100 SMA), 1.1039 (Daily High), 1.1049 (Yesterday's High), 1.1052 (Daily Classic R1) and 1.1060 (Weekly High). Support below can be found at 1.1033 (Daily Open), 1.1027 (Daily Classic PP), 1.1024 (Weekly Low),1.1024 (Hourly 20 EMA) and 1.1005 (Daily Classic S1).