30 Oct 2013
Flash USD/CAD’s remains constructive
FXstreet.com (London) - Research teams at TD Securities explained the short-term technical position for USD/CAD remains constructive.
Key Quotes:
“The short-term technical position for USD/CAD remains constructive and the technical “stars” are aligning on the short-term studies to suggest that the move up still has legs”.
“We continue to view the USD’s rise through resistance in the low 1.04 zone (1.0400/20 is now short-term support) as an important signal that the softer tone seen through the middle of the month has ended”.
“Modestly higher levels from here would solidify out expectations of further short-term gains through to the upper 1.05/low1.06 area”.
“The daily chart shows USD/CAD pushing up against some important—though not insurmountable in the near-term—resistance defined by pull-back trend resistance and the 76.4% retracement of the August/September drop at 1.0478”.
“This is the last major barrier ahead of a return to the 1.06 area. We think there have been a number of notable, USD-bullish price signals here in the past couple of weeks—a strong rejection of the 200-day MA, a push through the 40-day MA and a bullish outside range reversal signal last week. We think a break through 1.0475/80 is a matter of time. Stay bullish and buy USD
dips”.
Key Quotes:
“The short-term technical position for USD/CAD remains constructive and the technical “stars” are aligning on the short-term studies to suggest that the move up still has legs”.
“We continue to view the USD’s rise through resistance in the low 1.04 zone (1.0400/20 is now short-term support) as an important signal that the softer tone seen through the middle of the month has ended”.
“Modestly higher levels from here would solidify out expectations of further short-term gains through to the upper 1.05/low1.06 area”.
“The daily chart shows USD/CAD pushing up against some important—though not insurmountable in the near-term—resistance defined by pull-back trend resistance and the 76.4% retracement of the August/September drop at 1.0478”.
“This is the last major barrier ahead of a return to the 1.06 area. We think there have been a number of notable, USD-bullish price signals here in the past couple of weeks—a strong rejection of the 200-day MA, a push through the 40-day MA and a bullish outside range reversal signal last week. We think a break through 1.0475/80 is a matter of time. Stay bullish and buy USD
dips”.