30 Jul 2013
USD/CAD holding ground above 1.0250
FXstreet.com (Barcelona) - The USD/CAD foreign exchange rate is last quoted at 1.0263 bids, off fresh session and weekly lows at 1.0252, ahead of key GDP data for Canada on Wednesday, slightly in the negative for the week so far.
USD/CAD could reverse the downtrend
“USD/CAD is still following its short-term downtrend, remaining below of both the 20 and 200 Moving Average,” says Marshall Gittler, Head of Global FX Strategy at IronFX Ltd, adding: “On the Daily chart it has reached a trend line which could potentially offer support and reverse the down trend. On the other hand, a downward penetration of it should lead the pair to further downward movement.”
USD/CAD key technical levels
Immediate support to the downside for USD/CAD lies at current levels as past Wednesday's/Friday's lows 1.0260, followed by recent session/Thursday's lows at 1.0254/2, and June 13 highs at 1.0226. To the upside, closest resistance shows at July 23 lows 1.0276, followed by yesterday's weekly highs at 1.0290, and Friday's highs at 1.0303.
USD/CAD could reverse the downtrend
“USD/CAD is still following its short-term downtrend, remaining below of both the 20 and 200 Moving Average,” says Marshall Gittler, Head of Global FX Strategy at IronFX Ltd, adding: “On the Daily chart it has reached a trend line which could potentially offer support and reverse the down trend. On the other hand, a downward penetration of it should lead the pair to further downward movement.”
USD/CAD key technical levels
Immediate support to the downside for USD/CAD lies at current levels as past Wednesday's/Friday's lows 1.0260, followed by recent session/Thursday's lows at 1.0254/2, and June 13 highs at 1.0226. To the upside, closest resistance shows at July 23 lows 1.0276, followed by yesterday's weekly highs at 1.0290, and Friday's highs at 1.0303.