ALL UPDATES ARE GMT

PiPSQUAD "6.0" MARKET SENTIMENTS - FOR PREMIUM SUBSCRIPTION VISIT OUR WEBSITE. www.PiPSQUAD.com

Thursday, January 3, 2013

$USDCAD

USDCAD closed lower on Thursday as it consolidated some of Wednesday's rally. The low-range close sets the stage for a steady to lower opening when Friday's night session begins trading. 

Stochastics and the RSI are turning bullish signaling that sideways to higher prices are possible
near-term. If March extends Wednesday's rally, the reaction high crossing at 102.10 is the next upside target. Closes below last Friday's low crossing at 100.11 would confirm that a short-term top has been posted. 

First resistance is December's high crossing at 101.58. 
Second resistance is the reaction high crossing at 102.10. 

First support is last Friday's low crossing at 100.14.
Second support is November's low crossing at 99.19.