3 Sep 2013
Flash: USD/CAD still optimistically bullish – TD Securities
FXstreet.com (New York) - The USD/CAD has had plenty of excuses for pushing higher over the past few trading days but the market has failed to establish a higher plateau, notes the TD Securities team.
Key quotes
“The short-term USD/CAD picture is starting to look a little tired for funds and even if the broader picture remains constructive, we have to be cognizant of the risk of a correction lower.”
“The short-term picture suggests a firm cap on the market in the 1.0560/70 area but firm support is evident in the low 1.05 zone. Key short-term support now (minor double top trigger) is 1.0473. Broader trend momentum signals remain constructive but a loss of momentum is apparent on the short-term charts does risk spilling over into the daily picture.”
Key quotes
“The short-term USD/CAD picture is starting to look a little tired for funds and even if the broader picture remains constructive, we have to be cognizant of the risk of a correction lower.”
“The short-term picture suggests a firm cap on the market in the 1.0560/70 area but firm support is evident in the low 1.05 zone. Key short-term support now (minor double top trigger) is 1.0473. Broader trend momentum signals remain constructive but a loss of momentum is apparent on the short-term charts does risk spilling over into the daily picture.”