24 Jun 2014
USD/CAD forming a low - TD Securities
FXStreet (Guatemala) - Analysts at TD Securities advised that USD/CAD continues to reflect some signs of trying to steady the extended sell-off seen in the past few weeks.
Key Quotes:
“Short-term patterns reflect a minor low possibly forming over the past two days’ worth of trading as the market has rebounded from the 1.0720 area (minor double bottom)”.
“The intraday picture should get a little more constructive above 1.0745 for a push on the to the upper 1.07s but that might be about it for the moment. There is pretty heavy resistance to a deeper USD/CAD rebound through the upper 1.07s and broader trend momentum remains bearishly aligned across a range of timeframes—something that usually restricts scope for counter-trend corrections”.
Key Quotes:
“Short-term patterns reflect a minor low possibly forming over the past two days’ worth of trading as the market has rebounded from the 1.0720 area (minor double bottom)”.
“The intraday picture should get a little more constructive above 1.0745 for a push on the to the upper 1.07s but that might be about it for the moment. There is pretty heavy resistance to a deeper USD/CAD rebound through the upper 1.07s and broader trend momentum remains bearishly aligned across a range of timeframes—something that usually restricts scope for counter-trend corrections”.