Forex: USD/CAD orbiting 1.0300

on Jul 25, 2013
Listen Thursday July 25th_: Yesterday the pair opened at 1.0290, reached a low of 1.0261, rebounded subsequently to a high of 1.0323 and closed at 1.0317.

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During Asian trading today the price dropped to the day’s low so far at 1.0296, touching the rising 89-day simple moving average where resistance emerged yesterday. Right now the price is residing at 1.0296.
The price action is still staying above the 89- and 200-day simple moving averages, suggesting scope for upwards movement soon.
Conversely, in order to continue the recent downwards movement the price will need to break yesterday’s low of 1.0261.
Resistances today: 1.0325, 1.0345 and 1.0360.
Supports today: 1.0300, 1.0280 and 1.0260.


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