Forex: USD/CAD back at day’s at opening price

on Aug 15, 2013
Listen August Thursday 15th_: Yesterday the USD/CAD rose to the day’s high of 1.0368 during the Asian session, but when European trading kicked in the price started to fall. By degrees the pair drifted to the day’s low at 1.0317, exactly at the 89-hour simple moving average, which acted as a support and the quote rebounded to close at 1.0330. The pair lost 0.15 percent during the day and found support at the ascending 89-day SMA.

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Just now the USD/CAD is trading at 1.0328, two pips under the opening price. Initially today, the quote fell to an intraday low of 1.0303, but a sharp reversal brought the price back above the 89-day SMA, which is currently resident at 1.0323. The uptick stopped a short time ago at the 89-period SMA on the 4H chart, which may offer resistance in the short term.

The recent price action defines a neutral short-term outlook, despite the MACD (9,12,1) being negative on the 1H, 4H and daily scales.
The pair has been confined within the range 1.0444 to 1.0248 since the middle of July. These boundaries need to be broken to determine further direction. To the upside awaits the 5 July high of 1.0608 and to the downside the first target would be the 14 June low of 1.0136.
Resistances today: 1.0325, 1.0345 and 1.0370.
Supports: 1.0305, 1.0295 and 1.0275.


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