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25 Mar 2013
Forex: USD/CAD continues to correct higher
FXstreet.com (Barcelona) - After dipping to the boundaries of 1.0190, the cross has managed to get traction and start a recovery to the current levels of 1.0215/20, backed by a better momentum in the USD.
According to analysts at TD Securities, in the short-term, “Trend strength signals are mixed across a range of time frames, suggesting that while the short-term trend down from 1.0340 may extend modestly, momentum is not especially strong and the market may struggle to overcome retracement support around 1.0185”.
At the moment, the cross is now losing 0.18% at 1.0215 with the next support at 1.0181 (low Mar.15) followed by 1.0160 (low Feb.22) and then 1.0055 (low Feb.18).
On the upside, a breakout of 1.0259 (MA21d) would expose 1.0315 (high Mar.8) and finally 1.0329 (high Mar.7).
According to analysts at TD Securities, in the short-term, “Trend strength signals are mixed across a range of time frames, suggesting that while the short-term trend down from 1.0340 may extend modestly, momentum is not especially strong and the market may struggle to overcome retracement support around 1.0185”.
At the moment, the cross is now losing 0.18% at 1.0215 with the next support at 1.0181 (low Mar.15) followed by 1.0160 (low Feb.22) and then 1.0055 (low Feb.18).
On the upside, a breakout of 1.0259 (MA21d) would expose 1.0315 (high Mar.8) and finally 1.0329 (high Mar.7).