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10 Sep 2013
USD/CAD levelling out at support 1.0370
FXstreet.com (London) - USD/CAD has found a good level of support sub the 1.0400 handle and along the ascending trendline from May 1.0012.
CAD, amongst the NZD and AUD, was outperforming last week and has continued on the bid into this weeks sessions. However, the bears have got some work to do yet if they are to break through the ascending support line, which falls within the ascending channel of 96.30, Aug 2012 in the overall bullish uptrend.
USD/CAD bearish bias within uptrend channel
The trading range is set between between the key support at 1.0190 and the key resistance at 1.0565. The broader trend over short term basis is to the upside with steady daily closing above levels 1.0100 targeting 1.0775. The 20 DMA is 1.0449, the 50 DMA is 1.0411 and the 200 DMA is 1.0196. RSI (14) reads 32. Supports come in at 1.0292, 1.0316, 1.0337 and 1.0370, Spot is 1.0371 and resistances are 1.0398 1.0472, 1.0505, 1.0516 and 1.0560 towards 1.0580 Sep highs.
CAD, amongst the NZD and AUD, was outperforming last week and has continued on the bid into this weeks sessions. However, the bears have got some work to do yet if they are to break through the ascending support line, which falls within the ascending channel of 96.30, Aug 2012 in the overall bullish uptrend.
USD/CAD bearish bias within uptrend channel
The trading range is set between between the key support at 1.0190 and the key resistance at 1.0565. The broader trend over short term basis is to the upside with steady daily closing above levels 1.0100 targeting 1.0775. The 20 DMA is 1.0449, the 50 DMA is 1.0411 and the 200 DMA is 1.0196. RSI (14) reads 32. Supports come in at 1.0292, 1.0316, 1.0337 and 1.0370, Spot is 1.0371 and resistances are 1.0398 1.0472, 1.0505, 1.0516 and 1.0560 towards 1.0580 Sep highs.