Feb 23 14:12 GMT


Forex Expos

USDCAD: Through 200-Day Sma After Bernanke Show Print E-mail
Daily Forex Technicals | Written by | Sep 19 13 09:13 GMT

USDCAD: Through 200-Day Sma After Bernanke Show

The CAD has also been a big beneficiary of the FOMC's decision not to taper. This cross fell through its 200-day sma at 1.0210 this morning, although it has not been able to capitalise on this move and it is getting stuck around 1.0200.

In the short term, this cross is looking deeply oversold and could be a due a pullback. Above 1.0210 - 200-day sma - opens the way to 1.0270 - former channel support, now key resistance. A weekly close below here is a bearish development for this cross.

Overall, the technical picture is looking fairly bleak for USDCAD after it fell through 2013 channel support on Wednesday at 1.0270. Below here opens the way to further declines back to 1.01050 - the low from mid-June, and then 1.0090 - the top of the weekly Ichimoku cloud.


About the Author

DISCLAIMER: The information and opinions in this report are for general information use only and are not intended as an offer or solicitation with respect to the purchase of sale of any currency. All opinions and information contained in this report are subject to change without notice. This report has been prepared without regard to the specific investment objectives, financial situation and needs of any particular recipient. While the information contained herein was obtained from sources believed to be reliable, author does not guarantee its accuracy or completeness, nor does author assume any liability for any direct, indirect or consequential loss that may result from the reliance by any person upon any such information or opinions.

Latest in Technical Analysis

Facebook MySpace Twitter Digg Delicious Google Bookmarks 

Analysis Reports

Central Bank Analysis
Economic Data Reviews
Technical Analysis

Forex Brokers © 2017 All rights reserved.