4 Sep 2013
Flash: USD/CAD still pointed higher despite recent setbacks – TD Securities
FXstreet.com (Lisbon) - The USD/CAD was sold aggressively as North American trading was getting up to speed, dropping the pair recently, notes the TD Securities Team.
Key quotes
Indeed, “the CAD buying was less aggressive than the push up in the AUD or the NZD but it is still enough to put a dent in the strong performance in USD/CAD of late.”
“From a technical perspective, a weak USD/CAD close yesterday (actually, a bearish outside range day) condemns spot to some short-term weakness at least. We still think the broader trend is up though and look for solid support in the low/mid 1.04 area—if we get that far. New highs (soon) would be preferable to support the bull case.”
Key quotes
Indeed, “the CAD buying was less aggressive than the push up in the AUD or the NZD but it is still enough to put a dent in the strong performance in USD/CAD of late.”
“From a technical perspective, a weak USD/CAD close yesterday (actually, a bearish outside range day) condemns spot to some short-term weakness at least. We still think the broader trend is up though and look for solid support in the low/mid 1.04 area—if we get that far. New highs (soon) would be preferable to support the bull case.”