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1 Apr 2014
USD/CAD crawling back from lows
FXStreet (Guatemala) - USD/CAD is now trading at 1.1020, down -0.28% on the day, having posted a daily high at 1.1072 and low at 1.1011.
US ISM Manufacturing PMI was rising less than expected in March, 53.7 vs 54.0 expected, and USD/CAD has been tested t the downside albeit delayed. Meanwhile, strategists at TD Securities noted that gains had remained capped in the 1.1065 area, around the initial, short-term retracement resistance and trend channel.
USD/CAD Levels
With spot trading at 1.1020, we can see next resistance ahead at 1.1031 (Weekly Low), 1.1040 (Daily Classic PP), 1.1049 (Hourly 20 EMA),1.1050 (Daily Open) and 1.1062 (Hourly 100 SMA). Support below can be found at 1.1012 (Daily Classic S1), 1.1011 (Daily Low), 1.1001 (Yesterday's Low), 1.0992 (Monthly Low) and 1.0972(Daily Classic S2). Looking to candlestick patterns, we can see a Hammer formation on the 4-hour chart.
US ISM Manufacturing PMI was rising less than expected in March, 53.7 vs 54.0 expected, and USD/CAD has been tested t the downside albeit delayed. Meanwhile, strategists at TD Securities noted that gains had remained capped in the 1.1065 area, around the initial, short-term retracement resistance and trend channel.
USD/CAD Levels
With spot trading at 1.1020, we can see next resistance ahead at 1.1031 (Weekly Low), 1.1040 (Daily Classic PP), 1.1049 (Hourly 20 EMA),1.1050 (Daily Open) and 1.1062 (Hourly 100 SMA). Support below can be found at 1.1012 (Daily Classic S1), 1.1011 (Daily Low), 1.1001 (Yesterday's Low), 1.0992 (Monthly Low) and 1.0972(Daily Classic S2). Looking to candlestick patterns, we can see a Hammer formation on the 4-hour chart.