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27 Nov 2013
USD/CAD to take July high?
FXstreet.com (London) - USD/CAD is attempting the upside further and looking for a break into the 1.06 handle.
US Strategists at TD Securities said the positive price action in USD/CAD have delivered spot to minor new cycle highs this morning a little above 1.06. Support in the 1.0525 area holding this week’s early decline has provided the platform for a push above the figure and a retest of the July high at 1.0605. “The USD/CAD rally extension today looks positive from a short-term point of view, as noted above, but there is still some work to do. The July high at 1.0605 needs to be overcome, as does the October 2011 high at 1.0656, before more significant USD gains can accumulate”.
USD/CAD Levels
The 20 DMA is 1.0468, the 50 DMA is 1.0390 and the 200 DMA is 1.0321. RSI (14) reads 66.47. Supports are ascending from 1.0414, 1.0436, 1.0480, 1.0516 and1.0550 and 1.0595 while resistances are 1.0605, 1.0658 and1.0674.
US Strategists at TD Securities said the positive price action in USD/CAD have delivered spot to minor new cycle highs this morning a little above 1.06. Support in the 1.0525 area holding this week’s early decline has provided the platform for a push above the figure and a retest of the July high at 1.0605. “The USD/CAD rally extension today looks positive from a short-term point of view, as noted above, but there is still some work to do. The July high at 1.0605 needs to be overcome, as does the October 2011 high at 1.0656, before more significant USD gains can accumulate”.
USD/CAD Levels
The 20 DMA is 1.0468, the 50 DMA is 1.0390 and the 200 DMA is 1.0321. RSI (14) reads 66.47. Supports are ascending from 1.0414, 1.0436, 1.0480, 1.0516 and1.0550 and 1.0595 while resistances are 1.0605, 1.0658 and1.0674.