Daily Forex Technicals |
Written by Forex.com |
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.
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