7 May 2015
USD/CAD weakness towards 1.2025/50 remains a buy – TDS
FXStreet (Barcelona) - FX Strategists at TD Securities suggest buying intraday USD/CAD dips towards 1.2025/50 and further see a potential double bottom on the charts, which might target 1.2450 if triggered.
Key Quotes
“On the charts, funds has pressured short-term trend resistance at 1.2082 overnight but, having failed to push on, the early move in our session may be lower.”
“We think minor weakness (1.2025/50 intraday) is a buy though, especially considering the risks around tomorrow’s data, and we look for a push through 1.2080/90 to prompt a swift move up to 1.2190/00. This is the key area from a short-term perspective as it is the trigger for a 1.1940/45 double bottom now and a break higher targets a rise to 1.2450.”
Key Quotes
“On the charts, funds has pressured short-term trend resistance at 1.2082 overnight but, having failed to push on, the early move in our session may be lower.”
“We think minor weakness (1.2025/50 intraday) is a buy though, especially considering the risks around tomorrow’s data, and we look for a push through 1.2080/90 to prompt a swift move up to 1.2190/00. This is the key area from a short-term perspective as it is the trigger for a 1.1940/45 double bottom now and a break higher targets a rise to 1.2450.”