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11 Feb 2013
Forex: USD/CAD extending its correction, around 1.0060/65
The Canadian dollar is gathering pace against the greenback on Monday, dragging the cross from levels above 1.0080 to the current prices below 1.0070
The research team at TD Securities commented, “There is no obvious sign of a big turn lower in the market at this point, however, so consolidation, rather than reversal seems to be the order of the day. We look for support in the 1.0035/40 area now. Below here and the market might ease back to 0.9990/00. We still think this is a buy dips market”.
At the moment the cross is up 0.40% at 1.0067
Next resistance levels line up at 1.0101 (highs Jan.25/28) ahead of 1.0105 (Upper Bollinger) and then 1.0106 (high Jul.27).
On the other hand, a break below 1.0025 (low Feb.11) would lead to 0.9995 (MA10d) and then 0.9992 (MA200d).
The research team at TD Securities commented, “There is no obvious sign of a big turn lower in the market at this point, however, so consolidation, rather than reversal seems to be the order of the day. We look for support in the 1.0035/40 area now. Below here and the market might ease back to 0.9990/00. We still think this is a buy dips market”.
At the moment the cross is up 0.40% at 1.0067
Next resistance levels line up at 1.0101 (highs Jan.25/28) ahead of 1.0105 (Upper Bollinger) and then 1.0106 (high Jul.27).
On the other hand, a break below 1.0025 (low Feb.11) would lead to 0.9995 (MA10d) and then 0.9992 (MA200d).