26 Jul 2013
Flash: USD/CAD signaling oversold – TD Securities
FXstreet.com (New York) - The TD Securities team examines the USD/CAD and the EUR/CAD pairs and analyses the short-term outlook of each.
Key quotes
“The USD/CAD has made a near pin-point correction to the 76.4% retracement support (1.0140/1.0605 rally) this week. Daily slow stochastic signals are heavily oversold.”
“The intraday range is (so far) holding within yesterday’s (implies consolidation). There is strong weekly support (formerly resistance) at 1.0283. We think the slide in USD/CAD may be starting to stabilize.”
Meanwhile, “The EUR/CAD traded positively yesterday, gaining back above the short-term MA signals (28 and 40-day) but remaining (just about) below short-term trend resistance drawn off the recent peaks.”
Key quotes
“The USD/CAD has made a near pin-point correction to the 76.4% retracement support (1.0140/1.0605 rally) this week. Daily slow stochastic signals are heavily oversold.”
“The intraday range is (so far) holding within yesterday’s (implies consolidation). There is strong weekly support (formerly resistance) at 1.0283. We think the slide in USD/CAD may be starting to stabilize.”
Meanwhile, “The EUR/CAD traded positively yesterday, gaining back above the short-term MA signals (28 and 40-day) but remaining (just about) below short-term trend resistance drawn off the recent peaks.”