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2 Aug 2013
Flash: USD/CAD at the crossroads – TD Securities
FXstreet.com (New York) - The TD Securities team analyses the short-term trajectory of the USD/CAD.
Key quotes
“It’s all getting a little messy and a little choppy on the short-term charts for USD/CAD. Weakness late yesterday saw the market make a marginal new cycle low but the move down was not sustained and the USD quickly reverted to the established short-term trading range.”
“Today, USD gains have been curtailed by resistance at 1.0330. The market looks highly undecided about the direction in the USD in the near-term. Either, the 1.0250/1.0330 range is a consolidation ahead of another leg lower.
“Or a minor low is in at 1.0250 (double bottom-ish) and a rise through 1.0330 targets a rally towards the low 1.04 area, which would be supportive of a broader base forming, we think. We are erring on the more constructive view of price action, given the broader signals on the daily chart, below.”
Key quotes
“It’s all getting a little messy and a little choppy on the short-term charts for USD/CAD. Weakness late yesterday saw the market make a marginal new cycle low but the move down was not sustained and the USD quickly reverted to the established short-term trading range.”
“Today, USD gains have been curtailed by resistance at 1.0330. The market looks highly undecided about the direction in the USD in the near-term. Either, the 1.0250/1.0330 range is a consolidation ahead of another leg lower.
“Or a minor low is in at 1.0250 (double bottom-ish) and a rise through 1.0330 targets a rally towards the low 1.04 area, which would be supportive of a broader base forming, we think. We are erring on the more constructive view of price action, given the broader signals on the daily chart, below.”