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18 Mar 2013
Forex: USD/CAD inching higher, around 1.0220/25
FXstreet.com (Barcelona) - The Canadian dollar is losing ground against its fellow neighbour on Monday, hovering over the area of 1.0220/25 after the events from Cyprus boosted the demand for the greenback.
In the opinion of the research team at TD Securities, the recent weakness in the cross alleviated the overbought condition in the short term studies. “The daily chart also suggests good support just below 1.02, which was tested Friday. Daily trend momentum had the chance to flip to bearish last week but the rebound from the upper 1.01 area is keeping the broader tone constructive. Look to buy dips”, TD Securities recommended.
At the moment, the cross is up 0.30% at 1.0224 with the next resistance at 1.0263 (MA10d) ahead of 1.0315 (high Mar.8) and finally 1.0329 (high Mar.7).
On the downside, a breach of 1.0181 (low Mar.15) would aim for 1.0160 (low Feb.22) and then 1.0128 (Lower Bollinger).
In the opinion of the research team at TD Securities, the recent weakness in the cross alleviated the overbought condition in the short term studies. “The daily chart also suggests good support just below 1.02, which was tested Friday. Daily trend momentum had the chance to flip to bearish last week but the rebound from the upper 1.01 area is keeping the broader tone constructive. Look to buy dips”, TD Securities recommended.
At the moment, the cross is up 0.30% at 1.0224 with the next resistance at 1.0263 (MA10d) ahead of 1.0315 (high Mar.8) and finally 1.0329 (high Mar.7).
On the downside, a breach of 1.0181 (low Mar.15) would aim for 1.0160 (low Feb.22) and then 1.0128 (Lower Bollinger).