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USD/CAD may have a case for lower levels

FXStreet (Guatemala) - USD/CAD is trading at 1.1165, up 0.52% on the day, having posted a daily high at 1.1174 and low at 1.1079.

USD/CAD has reversed the downtrend as the greenback back battles back at the end of the week however analysts at TD Securities explained that they don’t think the downside move that we signalled was coming earlier in the week is complete at all. “The break below the base of the short-term consolidation (bear flag) base in the upper 1.11 area yesterday suggests risks to the low 1.10 zone in the next 1-2 weeks and we think the short-term toppish nature of the 6-hour chart is reinforced by the bearish Head & Shoulders look for price action since late September (targets 1.10)”. The analysts further added that short-tern trend momentum is turning bearish, which will limit near-term gains to the low/mid 1.11s. Fade short-term USD rallies”.

USD/CAD noteworthy levels

Current price is 1.1166, with resistance ahead at 1.1169 (Hourly 200 SMA), 1.1171 (Hourly 100 SMA), 1.1174 (Daily High), 1.1182 (Daily Classic R1) and 1.1195 (Weekly Classic PP). Next support to the downside can be found at 1.1138 (Daily Classic PP), 1.1125 (Hourly 20 EMA), 1.1119 (Weekly Classic S1) and 1.1108.

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