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11 Dec 2013
Flash: USD/CAD has bearish outlook - UOB Group
FXstreet.com (London) - Quek Ser Leang, Market Strategist at UOB Group expects a USD/CAD move towards the bottom of the rising channel at 1.0530.
Key Quotes:
The drop from the top of the rising-channel is picking up momentum and is suggesting that USD may have made an interim top against the CAD.
Furthermore, Daily MACD is showing clear bearish divergence and is on the verge of turning negative. The current pullback is expected to extend lower towards the bottom of the channel at 1.0530 followed by the middle of the Daily Envelope at 1.0495.
Strong short-term resistant is at 1.0670 but only a clear break above the recent high at 1.0708 will indicate that the bearish view is wrong.
Key Quotes:
The drop from the top of the rising-channel is picking up momentum and is suggesting that USD may have made an interim top against the CAD.
Furthermore, Daily MACD is showing clear bearish divergence and is on the verge of turning negative. The current pullback is expected to extend lower towards the bottom of the channel at 1.0530 followed by the middle of the Daily Envelope at 1.0495.
Strong short-term resistant is at 1.0670 but only a clear break above the recent high at 1.0708 will indicate that the bearish view is wrong.