2 Oct 2014
USD/CAD reverses daily losses
FXStreet (Córdoba) - USD/CAD reversed intraday losses as the dollar regains ground following a corrective phase seen during the Asian session.
USD/CAD briefly dropped below 1.1100 and bottomed out at 1.1070 amid profit taking, but the loonie failed to sustain gains. USD/CAD staged a recovery and hit a daily high of 1.1177 before finding resistance. At time of writing, the pair is trading at 1.1145 little changed on the day.
USD/CAD technical outlook
“USD/CAD has been choppy so far today but the message from the short-term charts remains more negative than anything else”, said the TD Securities analyst team. The convergence of bearish short-term (6-hour and daily) signals is something that we have to pay attention to. At the very least, the USD/CAD rally has stalled and we rather think downside risks may be building; failure at the top of the range usually means a retest of the lower range boundary (mid 1.09s)”.
USD/CAD briefly dropped below 1.1100 and bottomed out at 1.1070 amid profit taking, but the loonie failed to sustain gains. USD/CAD staged a recovery and hit a daily high of 1.1177 before finding resistance. At time of writing, the pair is trading at 1.1145 little changed on the day.
USD/CAD technical outlook
“USD/CAD has been choppy so far today but the message from the short-term charts remains more negative than anything else”, said the TD Securities analyst team. The convergence of bearish short-term (6-hour and daily) signals is something that we have to pay attention to. At the very least, the USD/CAD rally has stalled and we rather think downside risks may be building; failure at the top of the range usually means a retest of the lower range boundary (mid 1.09s)”.