30 Jan 2015
USD/CAD is a buy on dips - TDS
FXStreet (Guatemala) - Analysts at TD Securities noted that after the early week setback in funds, USD/CAD has gained nearly four big figures through today’s high so far.
Key Quotes:
"The chart story reflects the ever steepening rate of climb in USD/CAD over the past few months—the next stage will be a virtually vertical rise as the parabolic rise extends—typically a sign of extreme frothiness in a move. But we are not there yet."
"Absent stronger signs of weakness and a turn lower in trend momentum oscillators, the USD will remain well supported on dips."
"Picking out resistance points here is hard; there is little obvious on the charts until the 1.3060/65 high from 2008. We spot soft resistance at 1.2885/1.2915. Look for firm support on dips—likely no lower than the mid/upper 1.26s from here."
Key Quotes:
"The chart story reflects the ever steepening rate of climb in USD/CAD over the past few months—the next stage will be a virtually vertical rise as the parabolic rise extends—typically a sign of extreme frothiness in a move. But we are not there yet."
"Absent stronger signs of weakness and a turn lower in trend momentum oscillators, the USD will remain well supported on dips."
"Picking out resistance points here is hard; there is little obvious on the charts until the 1.3060/65 high from 2008. We spot soft resistance at 1.2885/1.2915. Look for firm support on dips—likely no lower than the mid/upper 1.26s from here."