25 Jun 2014
USD/CAD: 1.0700 expected to hold - TD Securities
FXStreet (Córdoba) - The TD Securities team expects the 1.0700 to provide support floor the USD/CAD as volatility gets thinner into the month and quarter end, with the World Cup depressing volatility even further.
Key Quotes
“Overall, the market has a very lethargic feel to it—month and quarter end are just around the corner, the World Cup is perhaps dampening volatility even further in what has been a very low volatility environment and central bankers continue to do their best to rob the markets of any sort of trading conviction. All in all, a pretty sad state of affairs from a trading point of view”.
“The short term charts suggests a somewhat heavier tone unfolding for USD/CAD as our session gets underway; failure to progress much through the mid 1.07s overnight leaves funds looking technically heavy and prone to a push back to the 1.0720s in our session”.
“We still look for support in the low 1.07 area to provide a little bit of a toe-hold for the market through the close of the week. If not, 1.0600/50 is likely to be tested. Key resistance is 1.0815/25”.
Key Quotes
“Overall, the market has a very lethargic feel to it—month and quarter end are just around the corner, the World Cup is perhaps dampening volatility even further in what has been a very low volatility environment and central bankers continue to do their best to rob the markets of any sort of trading conviction. All in all, a pretty sad state of affairs from a trading point of view”.
“The short term charts suggests a somewhat heavier tone unfolding for USD/CAD as our session gets underway; failure to progress much through the mid 1.07s overnight leaves funds looking technically heavy and prone to a push back to the 1.0720s in our session”.
“We still look for support in the low 1.07 area to provide a little bit of a toe-hold for the market through the close of the week. If not, 1.0600/50 is likely to be tested. Key resistance is 1.0815/25”.