5 Sep 2013
Flash: Price action deteriorated in USD/CAD – TD Securities
FXstreet.com (London) - Research teams at TD Securities said that over the course of the session yesterday, the pair deteriorated with the USD seemingly blocked in the upper 1.05 area and short-term momentum weakening.
Key Quotes:
“Intraday, we expect support for USD/CAD to emerge in the upper 1.04s intraday (note we are right on the second intraday pivot) after the BoC meeting”.
“No change in the overnight rate or the basic policy stance should serve as a mild contrast to Fed tapering prospects and help prop up the USD”.
“From a technical perspective, a weak close yesterday (actually, a bearish outside range day) condemns spot to some short-term weakness at least”.
“We still think the broader trend is up though and look for solid support in the low/mid 1.04 area—if we get that far. New highs (soon) would be preferable to support the bull case”.
Key Quotes:
“Intraday, we expect support for USD/CAD to emerge in the upper 1.04s intraday (note we are right on the second intraday pivot) after the BoC meeting”.
“No change in the overnight rate or the basic policy stance should serve as a mild contrast to Fed tapering prospects and help prop up the USD”.
“From a technical perspective, a weak close yesterday (actually, a bearish outside range day) condemns spot to some short-term weakness at least”.
“We still think the broader trend is up though and look for solid support in the low/mid 1.04 area—if we get that far. New highs (soon) would be preferable to support the bull case”.