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26 Jun 2013
USD/CAD bounces off support
FXstreet.com (New York) - The USD/CAD foreign exchange rate has broken off a tight consolidation Wednesday, paring losses now after a 13 pip rise during US trading.
USD/CAD paring losses
Given the recent movement higher, the USD/CAD technical pair still has a ways to go before crossing the threshold into positive territory. Presently, the pair is now trading at 1.0485 in these moments, negotiating a decline of -0.28%. According to the Mataf.net analyst team, a further decline in the exchange rate will bring the USD/CAD to support at 1.0464, then 1.0417, and 1.0375. If the rally continues however, resistances will be encountered at 1.0553, then 1.0595, and 1.0642.
USD/CAD bull trend has lost some momentum
“The USD/CAD continues to consolidate – short-term price action and studies suggest that the bull trend has lost some momentum over the past day or so, leaving the door open perhaps for a deeper correction of the sharp gains seen over the past week, especially of losses accumulate just a bit more from here.” notes the TD Securities Team.
USD/CAD paring losses
Given the recent movement higher, the USD/CAD technical pair still has a ways to go before crossing the threshold into positive territory. Presently, the pair is now trading at 1.0485 in these moments, negotiating a decline of -0.28%. According to the Mataf.net analyst team, a further decline in the exchange rate will bring the USD/CAD to support at 1.0464, then 1.0417, and 1.0375. If the rally continues however, resistances will be encountered at 1.0553, then 1.0595, and 1.0642.
USD/CAD bull trend has lost some momentum
“The USD/CAD continues to consolidate – short-term price action and studies suggest that the bull trend has lost some momentum over the past day or so, leaving the door open perhaps for a deeper correction of the sharp gains seen over the past week, especially of losses accumulate just a bit more from here.” notes the TD Securities Team.