Back
29 Aug 2013
USD/CAD turns previous support at 1.05 now resistance
FXstreet.com (Barcelona) - The USD/CAD foreign exchange rate is last quoted at 1.0491, off recent session lows at 1.0475, about to break even for the week so far, retracing from Tuesday's weekly highs at 1.0540.
USD/CAD trading to remain choppy
“USD/CAD trading remains quite choppy,” said the TD Securities Toronto based FX Research Team, adding: “The early trade in North America has been to retest the upper 1.04 zone but, again, follow through interest is lacking. We look at the drift back in spot from the upper 1.05 area over the past few days as a consolidation. The bull trend resumes above 1.0520 intraday for a retest of 1.0600/50.”
USD/CAD key technical levels
Immediate support to the downside for USD/CAD lies at Wednesday's weekly lows 1.0473/70, followed by August 07 highs at 1.0447, and August 05 highs at 1.0405. To the upside, closest resistance shows at current levels as early Monday lows 1.0490, followed by yesterday's highs at 1.0511, and Monday's/Tuesday's weekly highs at 1.0535/40.
USD/CAD trading to remain choppy
“USD/CAD trading remains quite choppy,” said the TD Securities Toronto based FX Research Team, adding: “The early trade in North America has been to retest the upper 1.04 zone but, again, follow through interest is lacking. We look at the drift back in spot from the upper 1.05 area over the past few days as a consolidation. The bull trend resumes above 1.0520 intraday for a retest of 1.0600/50.”
USD/CAD key technical levels
Immediate support to the downside for USD/CAD lies at Wednesday's weekly lows 1.0473/70, followed by August 07 highs at 1.0447, and August 05 highs at 1.0405. To the upside, closest resistance shows at current levels as early Monday lows 1.0490, followed by yesterday's highs at 1.0511, and Monday's/Tuesday's weekly highs at 1.0535/40.