25 Jun 2014
USD/CAD trying to steady recent extended sell-off - TD Securities
FXStreet (Barcelona) - The TD Securities team of analysts note that the USD/CAD continues to reflect some signs of trying to steady the extended sell-off seen in the past few weeks.
Key quotes
"Short-term patterns reflect a minor low possibly forming over the past two days’ worth of trading as the market has rebounded from the 1.0720 area (minor double bottom)."
"The intraday picture should get a little more constructive above 1.0745 for a push on the to the upper 1.07s but that might be about it for the moment."
"There is pretty heavy resistance to a deeper USDCAD rebound through the upper 1.07s and broader trend momentum remains bearishly aligned across a range of timeframes—something that usually restricts scope for counter-trend corrections."
Key quotes
"Short-term patterns reflect a minor low possibly forming over the past two days’ worth of trading as the market has rebounded from the 1.0720 area (minor double bottom)."
"The intraday picture should get a little more constructive above 1.0745 for a push on the to the upper 1.07s but that might be about it for the moment."
"There is pretty heavy resistance to a deeper USDCAD rebound through the upper 1.07s and broader trend momentum remains bearishly aligned across a range of timeframes—something that usually restricts scope for counter-trend corrections."