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30 Sep 2013
USD/CAD doji signifying easing of bear trend
FXstreet.com (London) - USD/CAD has printed a high of 1.0319 and a low of 1.0273 whilst the pair is down -0.22% and currently trading at 1.0284.
Research teams at TD Securities explained that USD/CAD’s short-term technical performance looks a little wanting. “The rebound in spot seen over the course of last week is showing signs of rolling over as the 38.2% retracement of the 1.0560/1.0185 move lower caps USD gains for the moment”. The Short-term oscillator studies are tracking lower, they said, suggesting that the market may put a little more pressure on the mid/upper 1.02 support area in the next day or so.
USD/CAD Levels
TD Securities strategists said, intraday, look for resistance at 1.0340/50. “After some relatively positive weekly signals (a large bull “hammer” two weeks ago and a small doji candle last week which suggest to us that broader bear pressure on USD/CAD is easing), early price action so far this week has been rather soft in funds. Last week’s 1.0341 high represents near-term resistance for the market but we would not be able to get really constructive on the broader outlook for the USD unless the market traded through the low 1.04 area at the moment”.
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Research teams at TD Securities explained that USD/CAD’s short-term technical performance looks a little wanting. “The rebound in spot seen over the course of last week is showing signs of rolling over as the 38.2% retracement of the 1.0560/1.0185 move lower caps USD gains for the moment”. The Short-term oscillator studies are tracking lower, they said, suggesting that the market may put a little more pressure on the mid/upper 1.02 support area in the next day or so.
USD/CAD Levels
TD Securities strategists said, intraday, look for resistance at 1.0340/50. “After some relatively positive weekly signals (a large bull “hammer” two weeks ago and a small doji candle last week which suggest to us that broader bear pressure on USD/CAD is easing), early price action so far this week has been rather soft in funds. Last week’s 1.0341 high represents near-term resistance for the market but we would not be able to get really constructive on the broader outlook for the USD unless the market traded through the low 1.04 area at the moment”.
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