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9 Aug 2013
Flash: USD/CAD bullish view still intact? – TD Securities
FXstreet.com (New York) - The TD Securities Team analyses the short-term outlook of the USD/CAD.
Key quotes
“The USD/CAD’s performance over the bulk of this week has been disappointing, considering the multitude of positive technical developments that emerged late last week and earlier this week. We feel a little chastened by the experience of seeing USD/CAD supports simply melt away in the past few days, leaving spot trading around the 1.03 level now.”
“Broadly speaking, while the price action has been uncomfortable for our bullish view, it has not been terminal. USD/CAD looks heavy in the short run but the market appears to be consolidating last week’s gains, rather than reversing them. Short-term, we spot key support now at 1.0250 and key resistance at 1.0440. A break either way should be good for 200-ish ticks.”
Key quotes
“The USD/CAD’s performance over the bulk of this week has been disappointing, considering the multitude of positive technical developments that emerged late last week and earlier this week. We feel a little chastened by the experience of seeing USD/CAD supports simply melt away in the past few days, leaving spot trading around the 1.03 level now.”
“Broadly speaking, while the price action has been uncomfortable for our bullish view, it has not been terminal. USD/CAD looks heavy in the short run but the market appears to be consolidating last week’s gains, rather than reversing them. Short-term, we spot key support now at 1.0250 and key resistance at 1.0440. A break either way should be good for 200-ish ticks.”