31 Oct 2013
Flash: Key focus for USD/CAD is 1.0475/80 - JPMorgan
FXstreet.com (Barcelona) - There is further upside potential on USD/CAD, according to Niall O'Connor, FX Strategist at JP Morgan.
Key Quotes
"CAD has been the clear laggard over the past few weeks as the failure to extend below the important 1.0270/80 zone against the USD has led to another shift."
"The key focus for USD/CAD is now on the 1.0475/80 zone which includes the September breakdown area and the 76.4% retracement of the decline from the August peak."
"Upside breaks would target the 1.0570/1.0615 range highs while presenting a critical test for the medium term view."
Key Quotes
"CAD has been the clear laggard over the past few weeks as the failure to extend below the important 1.0270/80 zone against the USD has led to another shift."
"The key focus for USD/CAD is now on the 1.0475/80 zone which includes the September breakdown area and the 76.4% retracement of the decline from the August peak."
"Upside breaks would target the 1.0570/1.0615 range highs while presenting a critical test for the medium term view."