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1 Nov 2013
USD/CAD rally tires but downside Limited
FXstreet.com (London) - Research teams at TD Securities said the USD/CAD has run into some headwinds through month end, with a soft close yesterday undoing some of the positive momentum that had built up over the previous week.
“The broader trends remains constructive and we think there is still good support for the USD on dips but loss of support in the 1.0400/20 area may see funds slip back a little more (low/mid 1.03s). Intraday, focus will be on the ISM data from the US—stronger data will be US-supportive and add to the impression from the Chicago PMI yesterday that the US economy has shaken off the shutdown already”.
USD/CAD Levels
The 20 DMA is 1.0371, the 50 DMA is 1.0377 and the 200 DMA is 1.0280. RSI (14) is 42.95. Supports are ascending from 1.0340, 1.0366, 1.0384 and 1.0412. Spot is 1.0433 while resistances are 1.0464, 1.0497, 1.0505 and 1.0516.
“The broader trends remains constructive and we think there is still good support for the USD on dips but loss of support in the 1.0400/20 area may see funds slip back a little more (low/mid 1.03s). Intraday, focus will be on the ISM data from the US—stronger data will be US-supportive and add to the impression from the Chicago PMI yesterday that the US economy has shaken off the shutdown already”.
USD/CAD Levels
The 20 DMA is 1.0371, the 50 DMA is 1.0377 and the 200 DMA is 1.0280. RSI (14) is 42.95. Supports are ascending from 1.0340, 1.0366, 1.0384 and 1.0412. Spot is 1.0433 while resistances are 1.0464, 1.0497, 1.0505 and 1.0516.