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27 Mar 2015
USD/CAD: Constructive for the downside
FXStreet (Guatemala) - USD/CAD is currently trading at 1.2587 with a high of 1.2593 and a low of 1.2466.
USD/CAD jumped up on to the 1.25 handle and rocketed through 1.2520 resistance to score the aforementioned highs. WTI is down at the end of this week and the US dollar is doing well across the board of commodity currencies.
However, analysts at TD Securities explained that the accumulation of negative technical signals here is very compelling. "We think the market is poised to push down to test the 1.28+ double top trigger at 1.2359 and a break below there targets a measured move decline to 1.1925 or so in the follow 4-8 weeks."
USD/CAD jumped up on to the 1.25 handle and rocketed through 1.2520 resistance to score the aforementioned highs. WTI is down at the end of this week and the US dollar is doing well across the board of commodity currencies.
However, analysts at TD Securities explained that the accumulation of negative technical signals here is very compelling. "We think the market is poised to push down to test the 1.28+ double top trigger at 1.2359 and a break below there targets a measured move decline to 1.1925 or so in the follow 4-8 weeks."