27 Nov 2013
Flash: USD/CAD needs gains through 1.0545/50 - TDS
FXstreet.com (Barcelona) - USD/CAD may be building a base for another push to the topside in the next day or so, notes Shaun Osborne, Chief FX Strategist at TDS.
Key Quotes
"Gains through 1.0545/50 should be a plus from an intraday point of view."
"We had looked at the initial set-up on the short-term charts this morning as potentially negative below 1.0525 but, with this level holding and generating a strong-ish (so far) intraday lift for the market, the short-term trend remains positive. A break below 1.0525 opens up the downside for a short-term decline to the mid 1.04s."
"The bounce in the market today confers little obvious strength on the daily chart at this point but, with the short-term picture, above, constructive, it will be interesting to see whether the USD can sustain and extend this morning’s bid through the close of trade. The broader trend is bullish but corrective risks remain
Key Quotes
"Gains through 1.0545/50 should be a plus from an intraday point of view."
"We had looked at the initial set-up on the short-term charts this morning as potentially negative below 1.0525 but, with this level holding and generating a strong-ish (so far) intraday lift for the market, the short-term trend remains positive. A break below 1.0525 opens up the downside for a short-term decline to the mid 1.04s."
"The bounce in the market today confers little obvious strength on the daily chart at this point but, with the short-term picture, above, constructive, it will be interesting to see whether the USD can sustain and extend this morning’s bid through the close of trade. The broader trend is bullish but corrective risks remain