13 Jan 2014
USD/CAD, two sides to the coin
FXstreet.com (Guatemala) - USD/CAD has fallen out of the ascending channel and is trading sub the 1.09 handle.
USD/CAD has been well bid despite the dissapointing jobs data which has rocked the markets. Price action is subject the evaluatation in accordance to what the FOMC will depict from such a result. However Jane Foley, Senior Currency Strategist at Rabobank noted that the USD/CAD had spent most of last week toying with key technical resistance in the USD/CAD1.0850 area. “The very disappointing Canadian jobs data on Friday, however, provided convincing reason for a move to a new, higher range and we expect that the CAD will remain on the back foot until the second half of this year”.
USD/CAD Levels
The 20 DMA is 1.0680, the 50 DMA is 1.0595 and the 200 DMA is 1.0393. RSI (14) reads 31.47. Supports are ascending from 1.0681, 1.0737, 1.0819 and 1.0825. Spot is 1.0853. Resistances are 1.0893, 1.0946, 1.0961, 1.0996 and 1.1037.
USD/CAD has been well bid despite the dissapointing jobs data which has rocked the markets. Price action is subject the evaluatation in accordance to what the FOMC will depict from such a result. However Jane Foley, Senior Currency Strategist at Rabobank noted that the USD/CAD had spent most of last week toying with key technical resistance in the USD/CAD1.0850 area. “The very disappointing Canadian jobs data on Friday, however, provided convincing reason for a move to a new, higher range and we expect that the CAD will remain on the back foot until the second half of this year”.
USD/CAD Levels
The 20 DMA is 1.0680, the 50 DMA is 1.0595 and the 200 DMA is 1.0393. RSI (14) reads 31.47. Supports are ascending from 1.0681, 1.0737, 1.0819 and 1.0825. Spot is 1.0853. Resistances are 1.0893, 1.0946, 1.0961, 1.0996 and 1.1037.