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Friday, August 31, 2012

$USDCAD

$USDCAD  closed lower on Thursday and below the 20-day moving crossing at 100.77. The low-range close sets the stage for a steady to lower opening when Friday's night session begins trading. $$

Stochastics and the RSI remain neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the reaction low crossing at 100.46 would confirm that a short-term top has been posted. If September renews the rally off June's low, April's high crossing at 101.68 is the next upside target. 

First resistance is last Tuesday's high crossing at 101.55. 
Second resistance is April's high crossing at 101.68. 

First support is the 20-day moving average crossing at 100.77. 
Second support is the reaction low crossing at 100.46.