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21 Oct 2014
USD/CAD finds support ahead of 1.1200
FXStreet (Córdoba) - USD/CAD has entered a consolidation phase right above the 1.1200 level after a short-lived bounce was capped by the 1.1240 zone.
USD/CAD hit a 1-week low of 1.1203 earlier on the day as commodity currencies outperformed the USD over the last sessions, but buyers contained the slide ahead of the psychological level. At time of writing, USD/CAD is trading at the 1.1230 zone, still 0.47% below its opening price.
USD/CAD short-term outlook
“The low 1.12 zone has been pivotal since early October and should continue to hold; below here (trend channel support at 1.1195) and the USD should head back to 1.10/1.11”, said the TD Securities team. “Shorter-term weakness reflects the negative patterns on the longer-term charts that we also highlighted Monday but we rather expect support to hold today”.
USD/CAD hit a 1-week low of 1.1203 earlier on the day as commodity currencies outperformed the USD over the last sessions, but buyers contained the slide ahead of the psychological level. At time of writing, USD/CAD is trading at the 1.1230 zone, still 0.47% below its opening price.
USD/CAD short-term outlook
“The low 1.12 zone has been pivotal since early October and should continue to hold; below here (trend channel support at 1.1195) and the USD should head back to 1.10/1.11”, said the TD Securities team. “Shorter-term weakness reflects the negative patterns on the longer-term charts that we also highlighted Monday but we rather expect support to hold today”.