6 Mar 2015
USD/CAD points to consolidation – TDS
FXStreet (Edinburgh) - Strategists at TD Securities see the downside in the pair as limited, allowing for further consolidation instead.
Key Quotes
“USDCAD support in the 1.24 area has been steady this week and gains through the early week peak at 1.2560 has allowed the USD pop higher this morning to extend to the low 1.26s”.
“We are not convinced at this point that the USD rally is poised to resume in a broader sense—we rather look for a little more consolidation—but short-term (intraday) trend momentum looks positive which should mean limited downside potential for USDCAD from here (low/mid1.25s) and a little more pressure over the balance of the session on resistance around 1.26”.
Key Quotes
“USDCAD support in the 1.24 area has been steady this week and gains through the early week peak at 1.2560 has allowed the USD pop higher this morning to extend to the low 1.26s”.
“We are not convinced at this point that the USD rally is poised to resume in a broader sense—we rather look for a little more consolidation—but short-term (intraday) trend momentum looks positive which should mean limited downside potential for USDCAD from here (low/mid1.25s) and a little more pressure over the balance of the session on resistance around 1.26”.