Forex: USD/CAD in red around 0.9850
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USD/CAD
FXstreet.com (Barcelona) - The Loonie preserves the earlier strength after mixed data in the US economy and Canada have dragged the USDCAD to intraday lows in the mid 0.9800s
According to the research team at TD Securities, "USDCAD price action so far today suggests that the USD's push up is running out of steam. Intraday price action looks weak and, barring a strong rebound over the balance of the session, risks setting a short-term top/reversal signal on the daily chart. We noted short-term resistance on the 6-hour chart above at 0.9885& Failure/rejection in the high 0.98s on the daily chart would be a little more serious. Trend momentum is weak. This helps cap the topside but also implies limited downside scope for now".
The cross is now losing 0.07% at 0.9854, facing the next support at 0.9815 (low Jan.11) followed by 0.9809 (Lower Bollinger) and finally 0.9795 (61.8% of 0.9633-1.0057).
On the other hand, a surpass of 0.9882 (MA100d) would signal further upside towards 0.9891 (MA21d) and then 0.9923 (high Jan.4).
According to the research team at TD Securities, "USDCAD price action so far today suggests that the USD's push up is running out of steam. Intraday price action looks weak and, barring a strong rebound over the balance of the session, risks setting a short-term top/reversal signal on the daily chart. We noted short-term resistance on the 6-hour chart above at 0.9885& Failure/rejection in the high 0.98s on the daily chart would be a little more serious. Trend momentum is weak. This helps cap the topside but also implies limited downside scope for now".
The cross is now losing 0.07% at 0.9854, facing the next support at 0.9815 (low Jan.11) followed by 0.9809 (Lower Bollinger) and finally 0.9795 (61.8% of 0.9633-1.0057).
On the other hand, a surpass of 0.9882 (MA100d) would signal further upside towards 0.9891 (MA21d) and then 0.9923 (high Jan.4).
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