9 Apr 2014
USD/CAD technically weak - TDS
FXStreet (Guatemala) - Strategists at TD Securities explained that the USD/CAD retains a weak technical bias.
Key Quotes:
“The short-term trend lower has stabilized on the hourly/6 hour chart but there is no sign of a rebound developing here at the moment. Trend momentum is bearish and technical risks highlighted here previously suggest that the drop in USD/CAD may well extend to the low 1.07 area in the next few weeks”.
“This is a consequence of the break below the late March/early April consolidation (bear wedge) after the 1.1275/1.10 decline which implies scope for a repeat of that 275 tick drop in spot. USD/CAD needs to regain 1.0960+, above short-term trend resistance in other words, to steady now”.
Key Quotes:
“The short-term trend lower has stabilized on the hourly/6 hour chart but there is no sign of a rebound developing here at the moment. Trend momentum is bearish and technical risks highlighted here previously suggest that the drop in USD/CAD may well extend to the low 1.07 area in the next few weeks”.
“This is a consequence of the break below the late March/early April consolidation (bear wedge) after the 1.1275/1.10 decline which implies scope for a repeat of that 275 tick drop in spot. USD/CAD needs to regain 1.0960+, above short-term trend resistance in other words, to steady now”.