Forex: USD/CAD consolidating above 1.0300

on Aug 13, 2013
Listen August Tuesday 13th_: Yesterday the USD/CAD rose by 0.26 percent, closing at 1.0311. Trading started from the 1.0285 level. The low of the day was reached at 1.0279 and subsequently the price rose to the day’s high of 1.0315. The 1.0300 level was broken with the daily candle closing above.

Thus far today the USD/CAD has been trading within the range 1.0302 to 1.0330, expanding yesterday’s upwards movement. At press time the pair is arrested at 1.0325, 0.14 percent above the opening price and right at the rising 89-day simple moving average, which has been acting as a resistance since yesterday.
The SMA89 on the 4H timeframe has been also offering resistance – since 8 August.

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Since 11 July the USD/CAD has been moving sideways between 1.0248 and 1.0444. While this range isn’t breached, opening long term positions would be considered risky. A break through the 1.0444 would bring the price to test the 5 July high of 1.0608.
If the USD/CAD decides to fall below the lower border of the range, a test of the 14 June low of 1.0136 will follow.
Levels of resistance important today: 1.0315, 1.0330 and 1.0350.
Support levels significant today: 1.0300, 1.0275 and 1.0250.


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