10 Oct 2013
USD/CAD: Backtracking on Better Equities
FXstreet.com (London) - USD/CAD has printed a high of 1.0421 and dropped back to currently trade at 1.0389 at the time of writing ahead of a low of 1.0379.
Research teams at TD Securities said USD/CAD has backed away from the 1.04 area as improved equity sentiment lifts the CAD (note the CAD remains most closely correlated to US equities in our matrix above)”. The only data release from Canada today was new home prices for August that missed expectations at by 0.1%
USD/CAD Price Action
“Short-term patterns look a little heavy for USD/CAD at least, suggesting some risk of a drift back under the 40-day MA (1.0383) near-term, we look for support in the 1.0330/60 area intraday”.
Research teams at TD Securities said USD/CAD has backed away from the 1.04 area as improved equity sentiment lifts the CAD (note the CAD remains most closely correlated to US equities in our matrix above)”. The only data release from Canada today was new home prices for August that missed expectations at by 0.1%
USD/CAD Price Action
“Short-term patterns look a little heavy for USD/CAD at least, suggesting some risk of a drift back under the 40-day MA (1.0383) near-term, we look for support in the 1.0330/60 area intraday”.