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22 May 2014
USD/CAD turning more constructive - TD Securities
FXStreet (Guatemala) - Shaun Osbourne, Chief FX Strategist at TD Securities noted the recent ranges and price action of USD/CAD.
Key Quotes
"Yesterday’s close was a little disappointing for USD/CAD as the market gave up a lot of ground from the intraday peak in the mid 1.09 area; more losses and a weak close for USD/CAD today would be a technical negative”.
“More broadly though, we think USD/CAD is doing a lot of good technical “work” in the 1.0850/1.09 area currently; the market has—so far—sustained the move above the top of the broader consolidation range in place over the past couple of months (a “bull wedge” formation from out point of view ) and weekly signals are starting to turn a bit more constructive."
"We look for firm support intraday at 1.0885/90. Resistance is 1.0955/60."
Key Quotes
"Yesterday’s close was a little disappointing for USD/CAD as the market gave up a lot of ground from the intraday peak in the mid 1.09 area; more losses and a weak close for USD/CAD today would be a technical negative”.
“More broadly though, we think USD/CAD is doing a lot of good technical “work” in the 1.0850/1.09 area currently; the market has—so far—sustained the move above the top of the broader consolidation range in place over the past couple of months (a “bull wedge” formation from out point of view ) and weekly signals are starting to turn a bit more constructive."
"We look for firm support intraday at 1.0885/90. Resistance is 1.0955/60."