Back
2 Oct 2013
USD/CAD holding the ascending support line
FXstreet.com (London) - USD/CAD has found demand on a slow grind higher from the lows of 1.0322 in the NA session holding the ascending support line so far.
USD/CAD had been well bid throughout the day yesterday when BoC Senior Deputy Governor Macklem gave a downbeat assessment of growth prospects for Canada. Research teams at TD Securities said “The still elusive rotation to trade and investment to pick up the baton from domestic demand means growth will range from 2-2.5% in Q3 and Q4 versus the 3.8% and 2.5% expansions (respectively) the BoC had previously forecast, he indicated. The situation will clearly not be helped by the uncertainty prompted by developments in the US”.
CAD to remain defensive
The research teams at TD Securities said that USD/CAD may struggle to sustain rallies through the upper 1.03s intraday. “We spot resistance at 1.0365/70, support at 1.0295/00”. The 20 DMA is 1.0326, the 50 DMA is 1.0368 and the 200 DMA is 1.0231. RSI (14) reads 49.07. Supports are ascending from 1.0150, 1.0170, 1.0182 and 1.0270. Spot is currently 1.0335 while resistances are 1.0357, 1.0366, 1.0382 and 1.0434.
USD/CAD had been well bid throughout the day yesterday when BoC Senior Deputy Governor Macklem gave a downbeat assessment of growth prospects for Canada. Research teams at TD Securities said “The still elusive rotation to trade and investment to pick up the baton from domestic demand means growth will range from 2-2.5% in Q3 and Q4 versus the 3.8% and 2.5% expansions (respectively) the BoC had previously forecast, he indicated. The situation will clearly not be helped by the uncertainty prompted by developments in the US”.
CAD to remain defensive
The research teams at TD Securities said that USD/CAD may struggle to sustain rallies through the upper 1.03s intraday. “We spot resistance at 1.0365/70, support at 1.0295/00”. The 20 DMA is 1.0326, the 50 DMA is 1.0368 and the 200 DMA is 1.0231. RSI (14) reads 49.07. Supports are ascending from 1.0150, 1.0170, 1.0182 and 1.0270. Spot is currently 1.0335 while resistances are 1.0357, 1.0366, 1.0382 and 1.0434.