17 Dec 2014
USD/CAD, buying on dips here?
FXStreet (Guatemala) - USD/CAD is trading at 1.1604, down -0.27% on the day, having posted a daily high at 1.1673 and low at 1.1599.
The Canadian dollar is improving in this moment on better risk apatite ahead of the FOMC. The pair has dropped sharply away from the highs to meet support at 1.1620 after and previously penetrating the ascending resistance line at the top of the channel that is containing funds. The pair then followed through as support gave way and is threatening the handle and 1.1600 level.
However, is this just an opportunity to get long and buy cheap dollars with the loonie? Analysts at TD Securities likely would say so. “Short, medium and long-term trend momentum studies remain bullishly aligned and that usually means minor counter-trend corrections only and limited opportunities to jump in before the trend resumes”.
The Canadian dollar is improving in this moment on better risk apatite ahead of the FOMC. The pair has dropped sharply away from the highs to meet support at 1.1620 after and previously penetrating the ascending resistance line at the top of the channel that is containing funds. The pair then followed through as support gave way and is threatening the handle and 1.1600 level.
However, is this just an opportunity to get long and buy cheap dollars with the loonie? Analysts at TD Securities likely would say so. “Short, medium and long-term trend momentum studies remain bullishly aligned and that usually means minor counter-trend corrections only and limited opportunities to jump in before the trend resumes”.