6 Apr 2015
USD/CAD, a visit to 1.19 is not ruled out – TDS
FXStreet (Edinburgh) - FX Strategists at TD Securities do not discard a breakdown of the key support at 1.2359, allowing a test of the low-1.19s.
Key Quotes
“The daily chart supports the bearish outlook; spot is opening the week below trend support and well below the bellwether 40-day MA”.
“The base of the 2015 consolidation at 1.2453 on the daily chart is under pressure again but key support, in our opinion, remains the February low at 1.2359—effectively the double/triple top neckline trigger”.
“A clear break below here targets a fairly swift move down to the low 1.19s”.
Key Quotes
“The daily chart supports the bearish outlook; spot is opening the week below trend support and well below the bellwether 40-day MA”.
“The base of the 2015 consolidation at 1.2453 on the daily chart is under pressure again but key support, in our opinion, remains the February low at 1.2359—effectively the double/triple top neckline trigger”.
“A clear break below here targets a fairly swift move down to the low 1.19s”.