FXstreet.com (San Francisco) - The USD/CAD pair is now consolidating above the 1.0100 handle after a brief dip to 1.0096 in North America, a price not seen since May 16th.
Lonnie’s advance to the mentioned 9-week high was helped by the Bank of Canada quarterly monetary policy report, where the central bank forecasted gradual interest rate hikes through 2014.
The 200-day EMA has limited further slides for now, and USD/CAD now records at modest 0.1% loss ahead of the closing bell in New York.
As Camilla Sutton, CFA, CMT, Chief Currency Strategist at Scotiabank explains in a research note, the near-term 48 hour outlook for USD/CAD is bearish, as “all near-term signals are in sell territory & RSI at 44 provides downside room before being oversold,” she says. She notes that support lies at the mentioned 200-day MA 1.0108, while resistance lies at 1.0217, 50-day MA.
Lonnie’s advance to the mentioned 9-week high was helped by the Bank of Canada quarterly monetary policy report, where the central bank forecasted gradual interest rate hikes through 2014.
The 200-day EMA has limited further slides for now, and USD/CAD now records at modest 0.1% loss ahead of the closing bell in New York.
As Camilla Sutton, CFA, CMT, Chief Currency Strategist at Scotiabank explains in a research note, the near-term 48 hour outlook for USD/CAD is bearish, as “all near-term signals are in sell territory & RSI at 44 provides downside room before being oversold,” she says. She notes that support lies at the mentioned 200-day MA 1.0108, while resistance lies at 1.0217, 50-day MA.
