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15 Apr 2015
USD/CAD likely to test 1.2600 – FXStreet
FXStreet (Barcelona) - According to Dhwani Mehta, FXStreet Editor and Analyst, USD/CAD likely to test 1.2600 on a pessimistic BoC quarterly policy report.
Key Quotes
“Overall, USD/CAD is seen extending gains in the bullish flag pattern with upside capped by 5-DMA.The daily RSI at 49 aims higher and inches towards the bullish terrain indicating likelihood of further upside.”
“The pair is likely to test 1.2600 levels beyond a break of 5-DMA resistance at 1.2549 on pessimistic BOC quarterly monetary policy report.”
“However, if the report is viewed as optimistic than CAD bulls may take charge and the pair is likely to drop to 1.25 barrier, below which floors would open for a retest of channel trend line support at 1.2430.”
Key Quotes
“Overall, USD/CAD is seen extending gains in the bullish flag pattern with upside capped by 5-DMA.The daily RSI at 49 aims higher and inches towards the bullish terrain indicating likelihood of further upside.”
“The pair is likely to test 1.2600 levels beyond a break of 5-DMA resistance at 1.2549 on pessimistic BOC quarterly monetary policy report.”
“However, if the report is viewed as optimistic than CAD bulls may take charge and the pair is likely to drop to 1.25 barrier, below which floors would open for a retest of channel trend line support at 1.2430.”