5 Sep 2013
Flash: USD/CAD at the crossroads – TD Securities
FXstreet.com (Lisbon) - There is little change on the daily chart to report, however the stabilization on the USD/CAD sell-off evident on the hourly chart above translates into a small, inside range (so far) session today and that may be the harbinger of a bounce in funds through the end of the week, suggests the TD Securities Team.
Key quotes
“The market's inability to take a stronger run at key support around 1.0442 (break out resistance—and now key support—from last week) after a weak start to the trading week (in North America) suggests that the market just does not have the momentum for a significant push lower.”
“We rather think that modest USD/CAD gains from here (above the low 1.05 area, as per the comment above) should set the market on track for a rise to 1.0600/50 (our target after last week’s move through 1.0442).”
Key quotes
“The market's inability to take a stronger run at key support around 1.0442 (break out resistance—and now key support—from last week) after a weak start to the trading week (in North America) suggests that the market just does not have the momentum for a significant push lower.”
“We rather think that modest USD/CAD gains from here (above the low 1.05 area, as per the comment above) should set the market on track for a rise to 1.0600/50 (our target after last week’s move through 1.0442).”