27 Apr 2015
USD/CAD set to move below 1.2150 – TDS
FXStreet (Barcelona) - FX Strategists at TD Securities, suggest fading any USD rallies, and expect USD/CAD to fall below 1.2150.
Key Quotes
“Our fundamental fair value estimate for USDCAD this morning is 1.2158, very close to opening spot levels, suggesting no strong incentive to push the market either way at this point.”
“Short-term charts look soft intraday for USDCAD; the rejection of the 1.22 area earlier in London has set funds up for a push lower. Look for weakness to extend modestly at least below 1.2150 intraday.”
“More broadly, we continue to target a drop to the low 1.19 area as a result of the early April break under support at 1.2360. Look to fade USD rallies near-term.”
Key Quotes
“Our fundamental fair value estimate for USDCAD this morning is 1.2158, very close to opening spot levels, suggesting no strong incentive to push the market either way at this point.”
“Short-term charts look soft intraday for USDCAD; the rejection of the 1.22 area earlier in London has set funds up for a push lower. Look for weakness to extend modestly at least below 1.2150 intraday.”
“More broadly, we continue to target a drop to the low 1.19 area as a result of the early April break under support at 1.2360. Look to fade USD rallies near-term.”