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10 Sep 2014
USD/CAD breaks 1.10 barrier, bears were waiting above...
FXStreet (Bali) - USD/CAD failed to sustain its gains above 1.10, with the late NY sell-off in the USD taking its toll on late intraday bulls joining the break higher, with the rate turning around to currently stay at 1.0973 low.
Peter Fell, Analyst at FXBeat, notes: "The barrier gave way in late Asia yesterday, reaching a high of 1.1002 before retreating to 1.0970, another bout of US dollar buying pushed the pair cleanly above 1.1000, reaching a high of 1.1032 before retreating on cross related profit taking on EURCAD and GBPCAD, combining to push the pair to 1.0965 and we open in Asia at 1.0984."
"61.8% at 1.1028 (1.1279 / 1.0621 fall) was just breached by 4 pips. Buy orders touted between 1.0950/60. Support seen at 1.0959, 38.2% fib on 1.0841/1.1032 rise, below there 1.0936 is the 50% fib on the same move", Peter added.
Peter Fell, Analyst at FXBeat, notes: "The barrier gave way in late Asia yesterday, reaching a high of 1.1002 before retreating to 1.0970, another bout of US dollar buying pushed the pair cleanly above 1.1000, reaching a high of 1.1032 before retreating on cross related profit taking on EURCAD and GBPCAD, combining to push the pair to 1.0965 and we open in Asia at 1.0984."
"61.8% at 1.1028 (1.1279 / 1.0621 fall) was just breached by 4 pips. Buy orders touted between 1.0950/60. Support seen at 1.0959, 38.2% fib on 1.0841/1.1032 rise, below there 1.0936 is the 50% fib on the same move", Peter added.