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Alert - 16:15 (CET) - UsdCad
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The UsdCad is trading at 1.2763, ranging between 1.2432 and 1.2842. On the other hand, the price is over yesterday's close at 1.2472. Checking the hourly graphics, we see that the 20- and 50-day EMA are over the 200-day EMA.
The traders are contemplating the resistances at 1.3000 (key), 1.3365 (July 1st, 2004 low) and 1.3788 (June 17th, 2004 high). The supports are watched at 1.2432 (October 23rd, 2008), 1.2121 (October 22 low) and 1.7775 (October 17h low).
This session, the Dollar is continuing its advance against the Loonie. Apart from the global Dollar demand in the last sessions, the Loonie has been losing ground as the crude barrell price is dropping under 63 dollars and also due to the BoC rate cut.
Meanwhile, the 60-minute RSI is at 61 points, after being very overbought. The average volatility per hour could reach 470 pips. Checking the daily graphics, the current price is over the 50.00% (1.2589) and under the 61.80% (1.3422) Fibonacci retracements.
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