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6 Aug 2013
USD/CAD held below 1.0400 as resistance hampers advance
FXstreet.com (New York) - The USD/CAD foreign exchange rate unsuccessfully tried to beach the 1.0400 level earlier today, stopping short at 1.0392 (daily high) Tuesday.
At this juncture, the USD/CAD is now navigating the region of 1.0378, still clinging to an advance of +0.16% above it’s opening during US trading, despite recently easing several pips. Briefing the technicals, the USD/CAD will face resistance at 1.0377, onto 1.0403, and finally 1.0445, notes the Danske Research Team.
USD/CAD strategic bias
According to the TD Securities Team, “The USD/CAD traded strongly higher last week (bullish outside week) on the charts. We think the correction from 1.06+ is complete now. Gains through 1.0309/00 intraday should be positive (we spot resistance at 1.0420/40 for the balance of the week.”
At this juncture, the USD/CAD is now navigating the region of 1.0378, still clinging to an advance of +0.16% above it’s opening during US trading, despite recently easing several pips. Briefing the technicals, the USD/CAD will face resistance at 1.0377, onto 1.0403, and finally 1.0445, notes the Danske Research Team.
USD/CAD strategic bias
According to the TD Securities Team, “The USD/CAD traded strongly higher last week (bullish outside week) on the charts. We think the correction from 1.06+ is complete now. Gains through 1.0309/00 intraday should be positive (we spot resistance at 1.0420/40 for the balance of the week.”