USD/CAD
declined this afternoon and had marked a fresh weekly low at 1.3261. The daily key
market mover for the pair was the optimistic numbers delivered by the latest Canada's
Retail Sales for January and well supported by the suffering greenback.
After the initial drop the pair retreated and the current market price is 1.3337.
As seen on the four-hour time frame the 20-day and 100-day SMAs has been crossed
to below and are providing good resistances levels. Meanwhile RSI and stochastic
are slightly below their mid-lines, but both indicating upward momentum.
The
bounce today should be treated significantly only in the short-term since USD/CAD
is facing strong resistance at 1.3380 area and while staying below this point,
the momentum may continue to be interpreted as bearish.
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