9 Oct 2014
USD/CAD technically negative - TDS
FXStreet (Barcelona) - Analysts at TD Securities explained that the USD/CAD’s week is likely to go down negatively on the medium and longer-term charts.
Key Quotes:
“Price action has registered significant daily and, potentially—contingent on the Friday close—weekly bear reversals from the high 1.12 area, where the market
peaked in March. Strong bear rejections at a key point and weakness below the base of the short-term bull trend channel imply more weakness ahead of USD/CAD in all likelihood”.
“We note the 40-day MA near 1.10 currently as a potential support point (converges with the objectives noted above) but a retest of the 200-day MA at 1.0950 cannot be ruled out”.
Key Quotes:
“Price action has registered significant daily and, potentially—contingent on the Friday close—weekly bear reversals from the high 1.12 area, where the market
peaked in March. Strong bear rejections at a key point and weakness below the base of the short-term bull trend channel imply more weakness ahead of USD/CAD in all likelihood”.
“We note the 40-day MA near 1.10 currently as a potential support point (converges with the objectives noted above) but a retest of the 200-day MA at 1.0950 cannot be ruled out”.