18 Aug 2015
USD/CAD points to consolidation near term – TDS
FXStreet (Edinburgh) - In the view of strategists at TD Securities, the consolidative pattern could prevail in the very near term.
Key Quotes
“With the Canadian data calendar quiet until Friday’s CPI and retail sales reports, USDCAD remains a bit of a sideshow this week”.
“That leaves is subject to the whims of broader USD developments and oil prices for near-term direction”.
“Yesterday, we saw spot move above trendline resistance in play since the early days of August, suggesting a move higher was on the horizon”.
“This remains our expectation for coming days, but with the rally stalling above 1.3150, the heavy lifting will need to come from the USD leg as the US data and event schedule picks up in the second half of the week”.
“The first level of support for today comes in at 1.3060, while 1.3029 should provide more solid backing”.
Key Quotes
“With the Canadian data calendar quiet until Friday’s CPI and retail sales reports, USDCAD remains a bit of a sideshow this week”.
“That leaves is subject to the whims of broader USD developments and oil prices for near-term direction”.
“Yesterday, we saw spot move above trendline resistance in play since the early days of August, suggesting a move higher was on the horizon”.
“This remains our expectation for coming days, but with the rally stalling above 1.3150, the heavy lifting will need to come from the USD leg as the US data and event schedule picks up in the second half of the week”.
“The first level of support for today comes in at 1.3060, while 1.3029 should provide more solid backing”.