Back
16 Jul 2013
USD/CAD bottoms out at 1.0400 support
FXstreet.com (New York) - The USD/CAD foreign exchange rate plunged during US trading Tuesday, eliminating its daily gains and falling to a fresh intraday low at 1.0393.
At the time of writing, the USD/CAD is testing the 1.0400 level, now incurring a loss of -0.28% off its opening. Technically speaking, supportive means will trigger should the USD/CAD touch at 1.0396, ahead of 1.0357, and finally 1.0335, calculates the Mataf.net analyst team.
USD/CAD strategic bias
According to the TD Securities Team, “Although the USD/CAD has not moved that much overnight, it is under some pressure on the charts as the consolidation from last week’s dip to the low 1.03 area (bear wedge/flag) looks at some risk of breaking down. We remain broadly USD-bullish despite the evolution in price over the past day or so but a push through 1.0400/05 would suggest a return to the low 1.03 area.”
At the time of writing, the USD/CAD is testing the 1.0400 level, now incurring a loss of -0.28% off its opening. Technically speaking, supportive means will trigger should the USD/CAD touch at 1.0396, ahead of 1.0357, and finally 1.0335, calculates the Mataf.net analyst team.
USD/CAD strategic bias
According to the TD Securities Team, “Although the USD/CAD has not moved that much overnight, it is under some pressure on the charts as the consolidation from last week’s dip to the low 1.03 area (bear wedge/flag) looks at some risk of breaking down. We remain broadly USD-bullish despite the evolution in price over the past day or so but a push through 1.0400/05 would suggest a return to the low 1.03 area.”