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25 Feb 2013
Forex: USD/CAD trading at session highs near resistance
The USD/CAD has rocketed higher during American trading Monday, establishing session highs in the 1.0269 region in these moments. Capped by its first resistance at 1.0271, the pair is holding steady, notching an advance of +0.40% above its opening.
“The short-term, technical trend in the USD/CAD remains bullish, however the market has done nothing but move sideways since last Friday’s spurt higher — possibly representing a short-term buying climax as stops were triggered. Still, the broader trend is bullish and we expect solid support on dips to1.02 area intraday.” writes the TD Securities Commodities Research Team.
Mataf.net analysts isolate the resistive means at the 1.0271 handle up to 1.0312 and eventually 1.0368. Should any pullback surface, a downward pullback below 1.0174 handle will instigate means of support at 1.0118 and 1.0077.
“The short-term, technical trend in the USD/CAD remains bullish, however the market has done nothing but move sideways since last Friday’s spurt higher — possibly representing a short-term buying climax as stops were triggered. Still, the broader trend is bullish and we expect solid support on dips to1.02 area intraday.” writes the TD Securities Commodities Research Team.
Mataf.net analysts isolate the resistive means at the 1.0271 handle up to 1.0312 and eventually 1.0368. Should any pullback surface, a downward pullback below 1.0174 handle will instigate means of support at 1.0118 and 1.0077.