29 Nov 2013
Flash: USD/CAD, buy a dip rather than chase it higher - TDS
FXstreet.com (Barcelona) - USD/CAD trend momentum remains bullishly oriented on the short-term, notes the TDS FX Team.
Key Quotes
"We still rather think that the USD will appreciate so we look for limited weakness near-term (expect strong support at 1.0525) ahead of a push to new cycle highs."
"Market holidays probably have something to do with the stunted range but an inside range session today (coming on the heels of the strong USD rally) may suggest more consolidation below the 1.0600/05 area as the market mulls its next move."
"We think the broader direction for USD/CAD is higher as we move into 2014 but the rally in USD/CAD may have sucked in some fresh longs at uncomfortable levels if there is any meaningful pull-back in the near-term."
"With our 1.06 target reached, we are looking for buying opportunities still here but we would rather buy a dips than chase the USD higher. Major support now is 1.0495/00."
Key Quotes
"We still rather think that the USD will appreciate so we look for limited weakness near-term (expect strong support at 1.0525) ahead of a push to new cycle highs."
"Market holidays probably have something to do with the stunted range but an inside range session today (coming on the heels of the strong USD rally) may suggest more consolidation below the 1.0600/05 area as the market mulls its next move."
"We think the broader direction for USD/CAD is higher as we move into 2014 but the rally in USD/CAD may have sucked in some fresh longs at uncomfortable levels if there is any meaningful pull-back in the near-term."
"With our 1.06 target reached, we are looking for buying opportunities still here but we would rather buy a dips than chase the USD higher. Major support now is 1.0495/00."