23 Jul 2013
Flash: USD/CAD bearish momentum mounts – TD Securities
FXstreet.com (New York) - The TD Securities Team traces the short-term outlook of the USD/CAD and browsers the indicators for trends.
Key quotes
“The USD/CAD remains soft but the down remains a bit of a grind, as we expected. Weakness below the base (bear wedge, at 1.0385) of the mid-July consolidation suggests technical risks are geared lower still but oscillator signals continue to flash oversold on the short-term charts.”
“This is not an obvious buy signal at the moment, however. The oscillator needs to correct and start moving more obviously higher (back above the 25% bar) to signal potential strength. But is does suggest perhaps limited downside scope for the USD.”
“Below 1.0320/40, short-term risks point a little more strongly lower today and trend momentum is starting to pick up bearishly.”
Key quotes
“The USD/CAD remains soft but the down remains a bit of a grind, as we expected. Weakness below the base (bear wedge, at 1.0385) of the mid-July consolidation suggests technical risks are geared lower still but oscillator signals continue to flash oversold on the short-term charts.”
“This is not an obvious buy signal at the moment, however. The oscillator needs to correct and start moving more obviously higher (back above the 25% bar) to signal potential strength. But is does suggest perhaps limited downside scope for the USD.”
“Below 1.0320/40, short-term risks point a little more strongly lower today and trend momentum is starting to pick up bearishly.”