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May 27, 2013
USD/CAD holding in positive territory at 1.0324/25
FXstreet.com (Barcelona) - The USD/CAD has been devoid of a prolonged breakout Monday, given the subdued nature of trading with the United States off for the Memorial Day holiday.
In these moments, the USD/CAD is now trading at 1.0324/25 during US trading. Mataf.net analysts calculate the next short-term resistance levels for the USD/CAD at 1.0352, onto 1.0375, and ultimately 1.0396. On the decline, a break below the 1.0308 handle will initiate support at 1.0287 and 1.0264.
“The drop back from the 1.04 area last week has undercut the strong bull momentum that was building up on the charts to a modest degree but the broader trend remains constructive and we still rather look for the markets to look to pick up the USD on any modest, short-term dip. Intraday, we look for support in the 1.0290/00 area – resistance is 1.0100/05.” notes the TD Securities Team.
In these moments, the USD/CAD is now trading at 1.0324/25 during US trading. Mataf.net analysts calculate the next short-term resistance levels for the USD/CAD at 1.0352, onto 1.0375, and ultimately 1.0396. On the decline, a break below the 1.0308 handle will initiate support at 1.0287 and 1.0264.
“The drop back from the 1.04 area last week has undercut the strong bull momentum that was building up on the charts to a modest degree but the broader trend remains constructive and we still rather look for the markets to look to pick up the USD on any modest, short-term dip. Intraday, we look for support in the 1.0290/00 area – resistance is 1.0100/05.” notes the TD Securities Team.