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10 Apr 2013
Forex: USD/CAD breaking below 1.0150
FXstreet.com (Barcelona) - The Canadian dollar is advancing against the greenback for the second consecutive session on Wednesday, hovering over 1.0150 despite the increased risk aversion.
“The bear trend since the beginning of March is still intact, which means a further drift lower is more likely without a significant catalyst. The mid 1.01 area has been sticky so far this week, but a slide below there could see a retest of 1.01 intraday. For us, anything below 1.01 is a buying opportunity”, recommended S.Osborne and G.Moore, Strategists at TD Securities.
At the moment, the cross is losing 0.16% at 1.0148 with the next support at 1.0134 (low Apr.9) ahead of 1.0103 (low Apr.4) and finally 1.0102 (low Feb.19).
On the upside, a break above 1.0194 (MA21d) would then target 1.0236 (high Apr.5) and finally 1.0238 (high Mar.25).
“The bear trend since the beginning of March is still intact, which means a further drift lower is more likely without a significant catalyst. The mid 1.01 area has been sticky so far this week, but a slide below there could see a retest of 1.01 intraday. For us, anything below 1.01 is a buying opportunity”, recommended S.Osborne and G.Moore, Strategists at TD Securities.
At the moment, the cross is losing 0.16% at 1.0148 with the next support at 1.0134 (low Apr.9) ahead of 1.0103 (low Apr.4) and finally 1.0102 (low Feb.19).
On the upside, a break above 1.0194 (MA21d) would then target 1.0236 (high Apr.5) and finally 1.0238 (high Mar.25).