Forex: USD/CAD in fall mode so far today

on Sep 10, 2013
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_iNVEZZ.com September Tuesday 10th_: Yesterday’s trading in the USD/CAD started at 1.0411, with the quote rising to the day’s high at 1.0418 and subsequently dropping below the 1.0400 psychological and strong support level. Thereafter, the pair fell to as low as 1.0358 before closing the American session at 1.0374.

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Today’s Asian trading pushed the price to 1.0344, but a sharp rebound followed. The intraday high is at 1.0379, slightly above the minor 1.0375 resistance. At press time the pair is changing hands at 1.0345, very close to the day’s low so far at 1.0342, which is the lowest point since 20 August.

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Forex: Weekly outlook: New Zealand – Official Cash Rate Decision on Wednesday Forex: USD/CAD in fall mode so far today

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The market has demonstrated over the past month and a half that the 1.0250 – 1.0300 area holds strong support and that reaching that zone may induce another rally towards the strong supply zone from 1.0473 to 1.0656. However, in the event of a breakthrough the price would be targeting parity.

The MACD (9,12,1) oscillator is negative on the 1H, 4H and daily charts, indicating bearish pressure. The 89- and 200-period simple moving averages are also supporting the downwards movement, being above the price action on the 1H and 4H scales (the price is currently between the 89- and 200-day SMAs). As against that, the daily stochastic oscillator is below the 20-line, showing an oversold condition.

Resistances today: 1.0380, 1.0415 and 1.0465.
Supports: 1.0355, 1.0340 and 1.0320.
!fm[](/uploads/story/5369/usdcaddaily_1009.png)

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Forex: Weekly outlook: New Zealand – Official Cash Rate Decision on Wednesday Forex: USD/CAD in fall mode so far today

Bid HIGH or LOW
http://nvz.bz/13FDaAu

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