USDCAD - Support of key averages points higher
|The gradual improvement from Friday’s low continued Tuesday. Bought at higher levels for a 2nd day in a row, USDCAD tested Thursday’s Marabuzo line – maintaining prices above the 13/100 day mvg avg area. Until/unless last week's top is exceeded our technical studies cannot be strongly positive. Nevertheless, buying on intraday setbacks places our focus on the topside despite the failed spike higher in Asian trading. So, our call for this morning is a Cautious Buy from London 7am but leaving room to also Buy any Dip to 1.3093, the 13 day mvg avg. The risk is 1.3060 with an immediate target of 1.3141. A move through that point then exposes sentiment to last week's 1.3171 top and 1.3198, the 8 week high.
Average Supports
USDCAD Current Trading Positions
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.