2 Dec 2013
USD/CAD stalling at 2011 highs
FXstreet.com (London) - The rally in USD/CAD, currently trading at 1.0640, has carried the market to the highest levels since October 2011 with funds trading a little shy of the 1.0656 peak seen then.
“We think there is more to come in the year ahead but we would rather look to get positioned long USD/CAD on a dip than chase the market higher from here", said strategists at TD Securities and they explained from a technical point of view,the underlying trend higher is very strong and that likely means any pullback near-term will be relatively minor, "A sustained push through 1.0650 targets 1.0850".
USD/CAD Levels
The 20 DMA is 1.0491, the 50 DMA is 1.0410 and the 200 DMA is 1.0327. RSI (14) reads 58.27. Supports are ascending from 1.0436, 1.0485, 1.0516 and1.0550. Spot is currently 1.0634 while resistances are 1.0658, 1.0674, 1.0721 and 1.0745.
“We think there is more to come in the year ahead but we would rather look to get positioned long USD/CAD on a dip than chase the market higher from here", said strategists at TD Securities and they explained from a technical point of view,the underlying trend higher is very strong and that likely means any pullback near-term will be relatively minor, "A sustained push through 1.0650 targets 1.0850".
USD/CAD Levels
The 20 DMA is 1.0491, the 50 DMA is 1.0410 and the 200 DMA is 1.0327. RSI (14) reads 58.27. Supports are ascending from 1.0436, 1.0485, 1.0516 and1.0550. Spot is currently 1.0634 while resistances are 1.0658, 1.0674, 1.0721 and 1.0745.