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19 Mar 2014
USD/CAD meeting the 1.12 handle
FXStreet (Guatemala) - USD/CAD is attempting the 1.12 handle, the high made after a burst from 1.1125 support in European markets, meeting limited supply through 1.1180.
Strategists at TD Securities explained also that USD/CAD’s surge higher Tuesday saw more follow-through interest in European trade, extending USD gains through the 1.1137 resistance point that they have highlighted as the neckline break out point for a short-term, inverse H&S formation. “The hourly charts have turned modestly negative for USD/CAD (minor, bearish “shooting star” top signaled in the past hour) which perhaps means a retest of 1.1130/40 may be seen intraday. We look for firm support on weakness from here though and target a rally to 1.1340/50 in the next 2-4 weeks (inverse H&S trigger)”.
USD/CAD Levels
The 20 DMA is 1.1076, the 50 DMA is 1.1035 and the 200 DMA is 1.0586. RSI (14) reads 74.39. Supports are ascending from 1.0980, 1.1006, 1.1025, 1.1070 and 1.1125. Spot is 1.1187 while resistances are 1.1196, 1.1225 and 1.1300.
Strategists at TD Securities explained also that USD/CAD’s surge higher Tuesday saw more follow-through interest in European trade, extending USD gains through the 1.1137 resistance point that they have highlighted as the neckline break out point for a short-term, inverse H&S formation. “The hourly charts have turned modestly negative for USD/CAD (minor, bearish “shooting star” top signaled in the past hour) which perhaps means a retest of 1.1130/40 may be seen intraday. We look for firm support on weakness from here though and target a rally to 1.1340/50 in the next 2-4 weeks (inverse H&S trigger)”.
USD/CAD Levels
The 20 DMA is 1.1076, the 50 DMA is 1.1035 and the 200 DMA is 1.0586. RSI (14) reads 74.39. Supports are ascending from 1.0980, 1.1006, 1.1025, 1.1070 and 1.1125. Spot is 1.1187 while resistances are 1.1196, 1.1225 and 1.1300.