USD/CAD Weekly Technical Report 5-9/8/2013
ecPulse
2013-08-05 08:37AM UTC
The upside move on Friday pushed the pair to stabilize above 1.0385 but is now hovering around it. We find the pair currently stable below Linear Regression Indicator 55 where we can’t count on stabilizing above 1.0385 to expect positivity especially that Stochastic is reflecting overbought signals. The downside move also requires stability below 1.0385 again and achieving a daily closing below it. From here, we prefer to be neutral in our weekly report waiting for confirmation signals.
The trading range for this week is between the key support at 1.0135 and the key resistance at 1.0530.
The general trend over short term basis is to the upside with steady daily closing above levels 1.0100 targeting 1.0775.
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