Forex: USD/CAD back to red, around 0.9840
Forex pairs in this Article »
USD/CAD
FXstreet.com (Barcelona) - The Loonie is losing ground against the greenback at the start of the trading week, as risk appetite seems to be taking a breather after the recent strong advance.
The research team at TD Securities assesses "The bounce from support in the low 0.98 area may extend modestly& but the overall trend here remains towards a softer USD for the moment, albeit in rather weak (trend) fashion. Despite the bounce in spot Friday, the dip to marginal new lows still represents a challenge to the technical low/reversal seen in mid December and we note that spot remains below key moving average signals (40-day and 200-day). We prefer to look to fade USD rallies for the moment and continue to think a dip to the 0.9650/0.9750 range is possible in the next few weeks".
At the moment, the pair is losing 0.02% at 0.9840 with the immediate support at 0.9815 (low Jan.11) ahead of 0.9808 (Upper Bollinger) and then 0.9795 (61.8% of 0.9633-1.0057).
On the upside, a break above 0.9867 (MA10d) would bring 0.9891 (MA21d) and finally 0.9943 (high Jan.2).
The research team at TD Securities assesses "The bounce from support in the low 0.98 area may extend modestly& but the overall trend here remains towards a softer USD for the moment, albeit in rather weak (trend) fashion. Despite the bounce in spot Friday, the dip to marginal new lows still represents a challenge to the technical low/reversal seen in mid December and we note that spot remains below key moving average signals (40-day and 200-day). We prefer to look to fade USD rallies for the moment and continue to think a dip to the 0.9650/0.9750 range is possible in the next few weeks".
At the moment, the pair is losing 0.02% at 0.9840 with the immediate support at 0.9815 (low Jan.11) ahead of 0.9808 (Upper Bollinger) and then 0.9795 (61.8% of 0.9633-1.0057).
On the upside, a break above 0.9867 (MA10d) would bring 0.9891 (MA21d) and finally 0.9943 (high Jan.2).
Free Annual Reports
