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11 Apr 2013
Forex Flash: CAD crosses technically mixed - Scotiabank
FXstreet.com (Barcelona) - Scotiabank analysts have taken a look at today´s CAD crosses from a purely technical perspective and note that the outlook is mixed.
Starting with USDCAD, they are bearish and note that all studies are in sell territory and not yet oversold with an RSI at 38. For short‐term traders they see value in shorting at 1.0090,targeting 1.0020, with a stop at 1.0230. For EUR/CAD, they are mixed and note conflicting signals, with spot between the 100 & 200 day MA. They feel that there is better risk/reward elsewhere. Moving to AUD/CAD, they are again mixed, noting that spot has historically struggled to maintain positions above 1.07.
Starting with USDCAD, they are bearish and note that all studies are in sell territory and not yet oversold with an RSI at 38. For short‐term traders they see value in shorting at 1.0090,targeting 1.0020, with a stop at 1.0230. For EUR/CAD, they are mixed and note conflicting signals, with spot between the 100 & 200 day MA. They feel that there is better risk/reward elsewhere. Moving to AUD/CAD, they are again mixed, noting that spot has historically struggled to maintain positions above 1.07.