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10 Mar 2014
Flash: USD/CAD 1.1145 is key resistance
FXStreet (Guatemala) - An analytical research team at TD Securities explained that the longer-term charts are turning a little more positive again for USD/CAD.
Key Quotes:
“Last week’s rejection of levels below 1.10 looks quite emphatic, with spot moving back above the 40-day MA again with ease on Friday”.
“We think key resistance now is 1.1145—the daily trend off the January high”.
“Daily trend momentum is still more neutral than anything so the broader outlook for the next few days may be geared more to range trading than anything else but a clear move through short-term trend resistance would be hard to ignore as it would imply potential for a retest (at least) of the 1.1220/25 area”.
Key Quotes:
“Last week’s rejection of levels below 1.10 looks quite emphatic, with spot moving back above the 40-day MA again with ease on Friday”.
“We think key resistance now is 1.1145—the daily trend off the January high”.
“Daily trend momentum is still more neutral than anything so the broader outlook for the next few days may be geared more to range trading than anything else but a clear move through short-term trend resistance would be hard to ignore as it would imply potential for a retest (at least) of the 1.1220/25 area”.