jeudi 16 avril 2015
USDCAD nears a key support level
Posted on 10:37 by nice news
The USDCAD is trading in new session lows - continuing the trend lower in trading this week. Most of that decline occurred in trading yesterday. Oil prices surged 6% in trading yesterday. This helped support the Canadian dollar.
The pair is approaching key technical targets, however, against the 38.2% retracement of the trend move higher from the November low to the March high. That level comes at 1.2206. The 100 day moving average is also being approached at the 1.21977 level. The combination should solicit patient dip buyers/profit takers on the 1st test with stops below. The low has reached 1.22173 so far. Should the level hold, the fall below the 1.2250-576 should now be a cap on corrections. This was lows from earlier today and near the 38.2% of the last leg down in the pair today(see chart below).
The pair is approaching key technical targets, however, against the 38.2% retracement of the trend move higher from the November low to the March high. That level comes at 1.2206. The 100 day moving average is also being approached at the 1.21977 level. The combination should solicit patient dip buyers/profit takers on the 1st test with stops below. The low has reached 1.22173 so far. Should the level hold, the fall below the 1.2250-576 should now be a cap on corrections. This was lows from earlier today and near the 38.2% of the last leg down in the pair today(see chart below).
USDCAD nears a key support level
Categories: USDCAD nears a key support level
Inscription à :
Publier les commentaires (Atom)
0 commentaires:
Enregistrer un commentaire