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27 Feb 2014
USD/CAD confirming bullish trend
FXStreet (Guatemala) - USD/CAD has made a small advance on the already bullish trend breaking to the top of the resistance line of the past few session, making a high for the week at 1.1161.
Strategists at TD Securities explained that the underlying trend in USD/CAD remains positive and the bullish undertone is starting to reassert itself after the USD losses posted late last week. They further added and said, “The technical formation seen Friday (bearish “shooting star” near the recent peak) would ordinarily have signaled scope for more downside movement in funds but we think the trend higher is so well-entrenched on the short, medium and longer-term charts that these sorts or setbacks merely give USD longs a chance to reload. We look for USD/CAD to press on to new short-term cycle highs sooner rather than later”.
USD/CAD Levels
The 20 DMA is 1.1059, the 50 DMA is 1.0923 and the 200 DMA is 1.0537. RSI (14) reads 61.82. Supports are ascending from 1.1000, 1.1026, 1.1050 and 1.1074. Spot is 1.1147 while resistances are 1.1196, 1.1225, 1.1300 and 1.1349.
Strategists at TD Securities explained that the underlying trend in USD/CAD remains positive and the bullish undertone is starting to reassert itself after the USD losses posted late last week. They further added and said, “The technical formation seen Friday (bearish “shooting star” near the recent peak) would ordinarily have signaled scope for more downside movement in funds but we think the trend higher is so well-entrenched on the short, medium and longer-term charts that these sorts or setbacks merely give USD longs a chance to reload. We look for USD/CAD to press on to new short-term cycle highs sooner rather than later”.
USD/CAD Levels
The 20 DMA is 1.1059, the 50 DMA is 1.0923 and the 200 DMA is 1.0537. RSI (14) reads 61.82. Supports are ascending from 1.1000, 1.1026, 1.1050 and 1.1074. Spot is 1.1147 while resistances are 1.1196, 1.1225, 1.1300 and 1.1349.