16 Feb 2015
SEB: USD/CAD targeting 1.31/34 levels in the longer-term – eFXnews
FXStreet (Barcelona) - The eFXnews Team shares SEB’s technical outlook for USD/CAD, with SEB expecting the current consolidation in the pair to end with a rally towards 1.31/34 area.
Key Quotes
“Bull triangle or bull flag? The current consolidation can follow two possible paths; either the market turns higher from current levels (indicating that we are constructing a bull triangle) OR 1.2353 will give way for a dip down to 1.2253 (calling for a classic a-b-c, three wave correction bull flag).”
“Both alternatives are however, once completed, pointing at a continued rise up to our longer term targets in the 1.31/34-area.”
Key Quotes
“Bull triangle or bull flag? The current consolidation can follow two possible paths; either the market turns higher from current levels (indicating that we are constructing a bull triangle) OR 1.2353 will give way for a dip down to 1.2253 (calling for a classic a-b-c, three wave correction bull flag).”
“Both alternatives are however, once completed, pointing at a continued rise up to our longer term targets in the 1.31/34-area.”