Back
17 Apr 2013
Forex: USD/CAD retreating from highs
FXstreet.com (Barcelona) - The Canadian dollar is prolonging its depreciation against the greenback on Wednesday, although trimming part of the losses after hitting session lows in levels shy of the psychological 1.0300 handle.
“USD/CAD has traded through consolidation resistance in the mid 1.02 area and the set up looks bullish for a move to 1.0350/1.04… We note, however, that there is a broad alignment of bullish readings on the DMI oscillator which suggests (strongly, in our opinion) that scope for downside corrections remains very limited at present”, explained S.Osborne and G.Moore, Strategists at TD Securities
At the moment, the cross is advancing 0.51% at 1.0260 facing the next hurdle at 1.0265 (high Mar.22) followed by 1.0285 (high Mar.19).
On the downside, a break below 1.0181 (MA21d) would bring 1.0171 (MA10d).
“USD/CAD has traded through consolidation resistance in the mid 1.02 area and the set up looks bullish for a move to 1.0350/1.04… We note, however, that there is a broad alignment of bullish readings on the DMI oscillator which suggests (strongly, in our opinion) that scope for downside corrections remains very limited at present”, explained S.Osborne and G.Moore, Strategists at TD Securities
At the moment, the cross is advancing 0.51% at 1.0260 facing the next hurdle at 1.0265 (high Mar.22) followed by 1.0285 (high Mar.19).
On the downside, a break below 1.0181 (MA21d) would bring 1.0171 (MA10d).