10 Jul 2013
Flash: USD/CAD technically heavy – TD Securities
FXstreet.com (London) - Research teams at TD Securities said, on the charts, USD/CAD retains a heavy tone.
They said it is continuing the unwind from the 1.06+ levels touched last week, the top of the broader bull channel in place over the past few months. “We look for support in the 1.0475 area intraday and consider 1.0421, the late May high, key support now.” They said weakness below here could see the USD correction extent back to the 1.02/1.03 area in the next couple of weeks.
They said it is continuing the unwind from the 1.06+ levels touched last week, the top of the broader bull channel in place over the past few months. “We look for support in the 1.0475 area intraday and consider 1.0421, the late May high, key support now.” They said weakness below here could see the USD correction extent back to the 1.02/1.03 area in the next couple of weeks.