16 Oct 2013
USD/CAD go with or not to go with?
FXstreet.com (London) - USD/CAD has rallied on the day and markets may want to see clear evidence of strength (above 1.0420) before jumping on board the move up.
Research teams at TD Securities said, “Short-term prospects appear positive for USD/CAD. More broadly, the USD is pivoting around the 40-day MA; gains last week stalled against the low 1.04 pivot/resistance zone but downside follow-through has been limited and minor high/low support at 1.0340 has underpinned the downside for the
moment (possible ‘hammer’ candle today).
USD/CAD go with or not to go with?
“Short-term patterns are constructive (as per the remarks above) on the face of it but trend momentum is weak and the willingness to get involved at what are fairly neutral levels in the context of the recent range is weak. A clear break out of the recent range is likely to attract more “go with” interest either way” – TD Securities research teams.
Research teams at TD Securities said, “Short-term prospects appear positive for USD/CAD. More broadly, the USD is pivoting around the 40-day MA; gains last week stalled against the low 1.04 pivot/resistance zone but downside follow-through has been limited and minor high/low support at 1.0340 has underpinned the downside for the
moment (possible ‘hammer’ candle today).
USD/CAD go with or not to go with?
“Short-term patterns are constructive (as per the remarks above) on the face of it but trend momentum is weak and the willingness to get involved at what are fairly neutral levels in the context of the recent range is weak. A clear break out of the recent range is likely to attract more “go with” interest either way” – TD Securities research teams.