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2 Aug 2013
USD/CAD recovers from 1.0340
FXstreet.com (Edinburgh) -After quickly dipping to session lows around 1.0340, the USD/CAD managed to pick up pace and retrace part of that decline, trading back around the 1.0365/70 region.
USD/CAD suffering the USD weakness
Despite today’s pullback the pair is netting the first weekly advance after three consecutive weeks in red. The pair managed to recover the 1.0400 handle helped by the bid tone from the greenback and the weakness surrounding its main rivals as of late, although bulls were unable to sustain the up move. Strategists G.Moore and S.Osborne at TD Securities suggested, “After setting a marginal new cycle low this week, a move through last week’s high leaves a possible bullish key reversal week on the chart. A firm close confirms. We like the fact that the turn up in the market coincides with weekly trend support”.
USD/CAD levels to watch
The pair is now up 0.21% at 1.0369 with the next resistance at 1.0415 (MA30d) ahead of 1.0427 (Kijun line) and then 1.0445 (high Jul.17). On the flip side, a break below 1.0339 (low Aug.2) would open the door to 1.0322 (Tenkan line) and finally 1.0245 (low Jul.31).
USD/CAD suffering the USD weakness
Despite today’s pullback the pair is netting the first weekly advance after three consecutive weeks in red. The pair managed to recover the 1.0400 handle helped by the bid tone from the greenback and the weakness surrounding its main rivals as of late, although bulls were unable to sustain the up move. Strategists G.Moore and S.Osborne at TD Securities suggested, “After setting a marginal new cycle low this week, a move through last week’s high leaves a possible bullish key reversal week on the chart. A firm close confirms. We like the fact that the turn up in the market coincides with weekly trend support”.
USD/CAD levels to watch
The pair is now up 0.21% at 1.0369 with the next resistance at 1.0415 (MA30d) ahead of 1.0427 (Kijun line) and then 1.0445 (high Jul.17). On the flip side, a break below 1.0339 (low Aug.2) would open the door to 1.0322 (Tenkan line) and finally 1.0245 (low Jul.31).