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19 Apr 2013
Forex: USD/CAD in highs around 1.0260/65
FXstreet.com (Barcelona) - The renewed strength in the greenback is pushing the cross to fresh highs in the area of 1.0260/65 on Friday, retracing initial losses as risk aversion keeps swelling amongst investors.
“USD/CAD is consolidating the gains made earlier this week and is struggling a little against minor resistance at 1.0260—the top of a small bull wedge pattern on the hourly/6-hour chart… We remain bullish on the near-to-medium term outlook for the USD here. Gains through 1.0260 in the near-term should provide sufficient momentum for rally through 1.0290/00 and a retest of the early March high at 1.0341”, assessed Strategists G.Moore and S.Osborne at TD Securities.
The cross is now advancing 0.03% at 1.0264 facing the next resistance at 1.0295 (high Mar.13) ahead of 1.0315 (high Mar.8) and finally 1.0329 (high Mar.7).
On the downside, a dip below 1.0203 (low Apr.16) would expose 1.0194 (MA10d) and then 1.0182 (MA21d).
“USD/CAD is consolidating the gains made earlier this week and is struggling a little against minor resistance at 1.0260—the top of a small bull wedge pattern on the hourly/6-hour chart… We remain bullish on the near-to-medium term outlook for the USD here. Gains through 1.0260 in the near-term should provide sufficient momentum for rally through 1.0290/00 and a retest of the early March high at 1.0341”, assessed Strategists G.Moore and S.Osborne at TD Securities.
The cross is now advancing 0.03% at 1.0264 facing the next resistance at 1.0295 (high Mar.13) ahead of 1.0315 (high Mar.8) and finally 1.0329 (high Mar.7).
On the downside, a dip below 1.0203 (low Apr.16) would expose 1.0194 (MA10d) and then 1.0182 (MA21d).