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FxWirePro: USD/CAD eases from 11-yr highs, scope for more gains

  • Loonie was offered some respite after oil prices rebounded sharply today, pushing USD/CAD lower

  • USD/CAD eased off from 11-yr highs by 1.3176 today, is currently trading at 1.3117, day's range 1.3176/1.3104

  • Stochs show bearish crossover at overbought levels, RSI at overbought some unwinding in the near term likely

  • Bullish alignment of the tenkan & kijun lines highlights scope for more gains

  • Markets await upcoming US macro releases including the US factory orders data due to be reported later in the day for further direction

Resistance Levels:

R3: 1.3279 (30-Day Upper Bollinger)

R2: 1.3200 (Psychological Level)

R1: 1.3176 (2015 High Aug 4)

Support Levels:

S1: 1.3106 (Session Low Aug 4)

S2: 1.3081 (Daily Low Aug 3)

S3: 1.3018 (Tenkan-Sen)

  • Market Data
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