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USD/CAD middle of range but heavy

FXStreet (Guatemala) - USD/CAD is trading at 1.0947, down -0.45% on the day, having posted a daily high at 1.1025 and low at 1.0927.

USD/CAD has been caught in a range post the FOMC and analysts at TD Securities explain that they have noted the heavy tone of funds here overall this week and the seasonal bias towards a weaker USD through early October and those risks look a little more acute now in the wake of the USD sell-off so far this week. “The hourly charts look very negative potentially” They see a big H&S top that may be forming with 1.0929 the neckline trigger for a breakdown. “The measured move target on a break is 1.0760”.

USD/CAD near term levels

Spot is presently trading at 1.0947, and next resistance can be seen at 1.0948 (Weekly Classic S1), 1.0957 (Daily 20 SMA), 1.0969, 1.0973 (Hourly 20 EMA) and 1.0982 (Daily Classic PP). Next support to the downside can be found at 1.0941 (Daily Classic S1), 1.0927,1.0926, 1.0912 (Daily 200 SMA) and 1.0886 (Daily Classic S2).

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