Flash: USD/CAD momentum building for push above 1.0600? – UBS
FXstreet.com (New York) – UBS Strategists, Gareth Berry and Geoffrey Yu take a technical perspective at today’s commodity-based currencies and outline the technical positions.
In terms of the AUD/USD, “There is scope for more weakness and support focus is at 0.8848, a break below, which would expose 0.8545. Resistance is at 0.9082 ahead of 0.9233, suggesting a bearish outlook.”
Moving to the USD/CAD, “There is an important resistance range at 1.0609/58. With the trending and momentum indicators pointing higher, there is scope for more upside to test 1.0804. Support is at 1.0456 ahead of 1.0422, suggesting a bullish outlook.”
For more …read more