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16 Apr 2013
Forex: USD/CAD sidelined around 1.0220
FXstreet.com (Barcelona) - The Canadian dollar is now retreating from previous highs vs. the greenback in the area of 1.0200/5 to the current levels around 1.0225/30, as the risk appetite continues to impose its will on the markets on Tuesday.
According to the research team at TD Securities, “We continue to view the broader trend here as USD-bullish now. The market has corrected about 2/3 of the 0.9934/1.0341 move up… the downward sloping channel from the 1.0341 high can be seen as a bull flag, implying the resumption of the broader USD rally (towards 1.06) after the move above channel resistance. We still prefer to buy dips”.
USD/CAD is losing 0.31% at 1.0220 with the next support at 1.0184 (MA21d) ahead of 1.0165 (MA10d) and finally 1.0074 (low Apr.11).
On the upside, a break above 1.0265 (high Mar.22) would expose 1.0285 (high Mar.19) and then 1.0295 (high Mar.13).
According to the research team at TD Securities, “We continue to view the broader trend here as USD-bullish now. The market has corrected about 2/3 of the 0.9934/1.0341 move up… the downward sloping channel from the 1.0341 high can be seen as a bull flag, implying the resumption of the broader USD rally (towards 1.06) after the move above channel resistance. We still prefer to buy dips”.
USD/CAD is losing 0.31% at 1.0220 with the next support at 1.0184 (MA21d) ahead of 1.0165 (MA10d) and finally 1.0074 (low Apr.11).
On the upside, a break above 1.0265 (high Mar.22) would expose 1.0285 (high Mar.19) and then 1.0295 (high Mar.13).