29 Nov 2013
USD/CAD remains range bound
FXstreet.com (London) - USD/CAD had fallen out of bed with a thud on GDP beating expectations , dropping to 1.0560 territory before attracting bids again. The pair is currently consolidating back in 1.0580/95 territory.
Meanwhile, TD Securities strategists noted that Canada’s weak current account data (narrowed over a revised Q2 deficit but an outcome that was still more than CAD1 bn above the original forecast is hardly a plus) duly gave the CAD a bit of a nudge lower yesterday. But the market barely moved in illiquid trading.
USD/CAD Levels
The 20 DMA is 1.0482, the 50 DMA is 1.0403 and the 200 DMA is 1.0325. RSI (14) reads 46.95. Supports are ascending from 1.0414, 1.0436, 1.0480 and 1.0516. Spot is 1.0581 while resistances are 1.0609, 1.0658 1.0674 and 1.0721.
Meanwhile, TD Securities strategists noted that Canada’s weak current account data (narrowed over a revised Q2 deficit but an outcome that was still more than CAD1 bn above the original forecast is hardly a plus) duly gave the CAD a bit of a nudge lower yesterday. But the market barely moved in illiquid trading.
USD/CAD Levels
The 20 DMA is 1.0482, the 50 DMA is 1.0403 and the 200 DMA is 1.0325. RSI (14) reads 46.95. Supports are ascending from 1.0414, 1.0436, 1.0480 and 1.0516. Spot is 1.0581 while resistances are 1.0609, 1.0658 1.0674 and 1.0721.