16 Jul 2013
Flash: USD/CAD short-term implications leaning negative – TD Securities
FXstreet.com (New York) - According to the TD Securities Team, “The USD/CAD went nowhere fast so far Monday as the market was consolidating last week’s drop and, pattern-wise, the short-term implications are tilting negative.”
The market has made two runs at getting back above 1.0425/30 in the past few sessions with no success. The intervening low at 1.0360 is effectively key, short-term support now, is a small double top trigger (implies a retest of 1.0290/1.03 on a break down). The rebound from last Thursday’s low is also forming a bear flag or wedge pattern.
Moreover, “Right around current levels, the market is more or less bang in the middle of the range. The short-term (intraday) view here is neutral, bullish above 1.0430, bearish below 1.0360.” the team adds.
The market has made two runs at getting back above 1.0425/30 in the past few sessions with no success. The intervening low at 1.0360 is effectively key, short-term support now, is a small double top trigger (implies a retest of 1.0290/1.03 on a break down). The rebound from last Thursday’s low is also forming a bear flag or wedge pattern.
Moreover, “Right around current levels, the market is more or less bang in the middle of the range. The short-term (intraday) view here is neutral, bullish above 1.0430, bearish below 1.0360.” the team adds.