Forex: USD/CAD returns to opening levels at 0.9963/65
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USD/CAD
FXstreet.com (Barcelona) - The USDCAD has traded in a fairly narrow range today (0.9954 - 0.9979) in the absence of any high profile news, save for the publication of upbeat housing data and the recent retracement in crude prices off of yesterdays surge (USD $88.49, -0.49%). In these moments the cross has settled near opening levels at 0.9963/65, testing positive territory Tuesday.
According to Research Analyst Fan Yang at FXTimes, "Higher prices along with the cross trading above the 200-4H SMA are bullish biases during the past month of consolidation. However, the RSI does not shows slight bearish bias as it has tagged 30, but failed to sustain a break above 60 and is now returning below 40 - as such the direction is very unclear."
"Should the pair fall below the 0.9945 handle, the near-term bias is indeed bearish, with focus on the 0.9887 and 0.9872 support pivots - a break below 0.9870 then opens up further bearish outlook. However holding above the central pivot area reflects a bias to the upside in price action." notes Yang.
According to Research Analyst Fan Yang at FXTimes, "Higher prices along with the cross trading above the 200-4H SMA are bullish biases during the past month of consolidation. However, the RSI does not shows slight bearish bias as it has tagged 30, but failed to sustain a break above 60 and is now returning below 40 - as such the direction is very unclear."
"Should the pair fall below the 0.9945 handle, the near-term bias is indeed bearish, with focus on the 0.9887 and 0.9872 support pivots - a break below 0.9870 then opens up further bearish outlook. However holding above the central pivot area reflects a bias to the upside in price action." notes Yang.
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