10 Dec 2013
USD/CAD remains soft; check daily chart
FXstreet.com (London) - USD/CAD has remained soft over the past few sessions and continues with such an undertone as the week develops.
Strategists at TD Securities explained, “After repeated failures around 1.07, a sustained push below 1.0625 targets a drop back to 1.0545. Note retracement supports derived from the late November rally stand at 1.0561 (50%) and 1.0527 (61.8%) so a drop back to the low/mid 1.05 area looks quite reachable in the next couple of weeks”.
USD/CAD daily chart
TDS Strategists said, “The USD/CAD daily chart continues to reflect the softer, short-term patterns lining up on the 6-hour chart…We continue to think near-term risks are geared towards a lower USD/CAD rate but that weakness will provide better entry points for medium-term long positions”.
Strategists at TD Securities explained, “After repeated failures around 1.07, a sustained push below 1.0625 targets a drop back to 1.0545. Note retracement supports derived from the late November rally stand at 1.0561 (50%) and 1.0527 (61.8%) so a drop back to the low/mid 1.05 area looks quite reachable in the next couple of weeks”.
USD/CAD daily chart
TDS Strategists said, “The USD/CAD daily chart continues to reflect the softer, short-term patterns lining up on the 6-hour chart…We continue to think near-term risks are geared towards a lower USD/CAD rate but that weakness will provide better entry points for medium-term long positions”.