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14 May 2015
USD/CAD might dip to 1.1860 levels – FXStreet
FXStreet (Barcelona) - FXStreet Editor and Analyst, Dhwani Mehta, expects USD/CAD to re-test 1.19 levels, breaking below which might pave way for 1.1860 levels.
Key Quotes
“Technically, USD/CAD continues to trade in a short term downtrend channel with most technical indicators and moving averages indicating a potential bearish channel breakout in the making.”
“The pair opened the week at 1.2075 and spiked to highs above 1.21 barrier at 1.2146 on the same day. Subsequently, the pair then reversed directions, having faced rejection at 20-DMA located at 1.2155 levels.”
“The pair extends declines, breaking below the 1.20 handle and reaching fresh four month lows at 1.1920 today.”
“USD/CAD trades below most major moving averages on the daily chart, with the daily RSI hovering around 33 in the oversold region suggesting more room for declines.”
“Within this week, the pair may retest 1.19 handle and a break below the last opens floors for a test of channel trend line support at 1.1860 levels.”
“On a bearish channel breakout, CAD bulls may take over driving the pair to 1.1800, the highest levels since January 16.”
Key Quotes
“Technically, USD/CAD continues to trade in a short term downtrend channel with most technical indicators and moving averages indicating a potential bearish channel breakout in the making.”
“The pair opened the week at 1.2075 and spiked to highs above 1.21 barrier at 1.2146 on the same day. Subsequently, the pair then reversed directions, having faced rejection at 20-DMA located at 1.2155 levels.”
“The pair extends declines, breaking below the 1.20 handle and reaching fresh four month lows at 1.1920 today.”
“USD/CAD trades below most major moving averages on the daily chart, with the daily RSI hovering around 33 in the oversold region suggesting more room for declines.”
“Within this week, the pair may retest 1.19 handle and a break below the last opens floors for a test of channel trend line support at 1.1860 levels.”
“On a bearish channel breakout, CAD bulls may take over driving the pair to 1.1800, the highest levels since January 16.”