17 Jan 2014
USD/CAD days numbered?
FXstreet.com (Guatemala) - USD/CAD has denied the fundamentals and continues on the bid into the closing hours of this weeks session.
USD/CAD has been an impressive contender on thr session, reaching a high of 1.0983. However, Sebastien Galy, Senior FX Strategist at Societe Generale said ,"The clock is ticking on USD/CAD. It has managed to bounce higher post a disappointing Michigan consumer confidence. The rebound higher in the USD suggests the market has fully priced in that frozen fingers on the lake of Michigan do not a trend make." He went onto say,"The heavy layer of barriers at USDCAD 1.10 is only a few pips away, opening the way for the break higher. Canadians are starting to be convinced that the BoC will have an easing bias at its upcoming meeting on the 22nd of Jan, but little of this is yet priced in."
USD/CAD Levels
The 20 DMA is 1.0735, the 50 DMA is 1.0633 and the 200 DMA is 1.0408. RSI (14) reads 57.48. Supports are ascending from 1.0737, 1.0819, 1.0836, 1.0875. Spot is 1.0974 while resistances are 1.0996, 1.1075, 1.1103 and 1.1126.
USD/CAD has been an impressive contender on thr session, reaching a high of 1.0983. However, Sebastien Galy, Senior FX Strategist at Societe Generale said ,"The clock is ticking on USD/CAD. It has managed to bounce higher post a disappointing Michigan consumer confidence. The rebound higher in the USD suggests the market has fully priced in that frozen fingers on the lake of Michigan do not a trend make." He went onto say,"The heavy layer of barriers at USDCAD 1.10 is only a few pips away, opening the way for the break higher. Canadians are starting to be convinced that the BoC will have an easing bias at its upcoming meeting on the 22nd of Jan, but little of this is yet priced in."
USD/CAD Levels
The 20 DMA is 1.0735, the 50 DMA is 1.0633 and the 200 DMA is 1.0408. RSI (14) reads 57.48. Supports are ascending from 1.0737, 1.0819, 1.0836, 1.0875. Spot is 1.0974 while resistances are 1.0996, 1.1075, 1.1103 and 1.1126.