6 Nov 2013
Flash: USD/CAD bullish outlook intact - TDS
FXstreet.com (Barcelona) - While the marginal highs back above 1.0450 suggest a slightly firmer short-term outlook in USD/CAD, notes Shaun Osborne, Chief FX Strategist at TD Securities.
Key Quotes
"We think short-term losses should remain contained to the low 1.04 area (a band of support in the 1.0400/20 range)."
"The late October/early November consolidation—potential bull flag, so bullish above 1.0455 currently—remains intact."
"Short and medium/longer-term trends are bullish and daily momentum studies are bullish (weekly momentum studies are constructive but not, yet, outright bullish)."
"This should limit USD/CAD downside potential in the near-term at least even if topside progress remains slow. Even if spot breaks under support in the low 1.04 area, we expect good support to emerge on dips to the mid 1.03s."
Key Quotes
"We think short-term losses should remain contained to the low 1.04 area (a band of support in the 1.0400/20 range)."
"The late October/early November consolidation—potential bull flag, so bullish above 1.0455 currently—remains intact."
"Short and medium/longer-term trends are bullish and daily momentum studies are bullish (weekly momentum studies are constructive but not, yet, outright bullish)."
"This should limit USD/CAD downside potential in the near-term at least even if topside progress remains slow. Even if spot breaks under support in the low 1.04 area, we expect good support to emerge on dips to the mid 1.03s."