Back
12 Jul 2013
USD/CAD unable to hold above 1.0400, closes week at 1.0395
FXstreet.com (San Francisco) - The USD has been trading sideways against its Canadian counter part just below the 1.0400 level and being unable to break above. After testing shy the 1.0405, the USD/CAD has returned to sub 1.04 levels.
Currently the USD/CAD is trading at 1.093, 0.25% positive on the day. The short term perspective is slightly bullish according to the FXstreet.com trend index in the 15-minute chart. Indicators such as CCI and Momentum are pointing to the north while the MACD is neutral and the Stochastic is bearish.
USD/CAD strategic bias
According to the TD Securities Team, “Originally we thought the USD/CAD correction was nearing completion yesterday, however the spike in market volatility this week has driven funds quite significantly lower – and through what we had determined as the previous key support at 1.0421.”
Currently the USD/CAD is trading at 1.093, 0.25% positive on the day. The short term perspective is slightly bullish according to the FXstreet.com trend index in the 15-minute chart. Indicators such as CCI and Momentum are pointing to the north while the MACD is neutral and the Stochastic is bearish.
USD/CAD strategic bias
According to the TD Securities Team, “Originally we thought the USD/CAD correction was nearing completion yesterday, however the spike in market volatility this week has driven funds quite significantly lower – and through what we had determined as the previous key support at 1.0421.”