23 Mar 2015
USD/CAD: Bears licking their lips
FXStreet (Guatemala) - USD/CAD is currently trading at 1.2538 with a high of 1.2617 and a low of 1.2503.
USD/CAD is within the bearish leg of recent activity, confined by a wide range between 1.24 support and failing through 1.28 with recent high of 1.2833 printed last week.
Technically, and earlier this month, analysts at TD Securities explained that they noted that “their basic premise over the past few weeks has been that consolidation—and more USD/CAD weakness—was more likely than the USD piling on the gains as we move into Q2”. They explained that price action last week strongly supports that view. "A bearish weekly outside range last week supports the impression of a major top in place around 1.28 now and should see USD/CAD move back to the low end of the range (and potential double top trigger) at 1.2364 from here."
USD/CAD is within the bearish leg of recent activity, confined by a wide range between 1.24 support and failing through 1.28 with recent high of 1.2833 printed last week.
Technically, and earlier this month, analysts at TD Securities explained that they noted that “their basic premise over the past few weeks has been that consolidation—and more USD/CAD weakness—was more likely than the USD piling on the gains as we move into Q2”. They explained that price action last week strongly supports that view. "A bearish weekly outside range last week supports the impression of a major top in place around 1.28 now and should see USD/CAD move back to the low end of the range (and potential double top trigger) at 1.2364 from here."