27 Mar 2014
USD/CAD to hit 1.1000 in 1-2 weeks? - UOB Group
FXStreet (Barcelona) - The Market Strategy Team at UOB Group are expecting USD/CAD to move towards 1.1025/1.0956 in the next 1-2 weeks.
Key Quotes
“The down-ward momentum is gaining quickly and the sharp drop yesterday suggest that further USD weakness is likely in the next 1-2 weeks. The immediate target is at the middle of the Daily Envelope which is currently at 1.1025 but based on the current momentum, a move towards the 1.0956 low seen earlier this month will not be surprising.”
“Oversold short-term condition may result in a pullback but as long as the key resistant at 1.1210 is not taken out, the outlook for this pair is clearly on the downside.”
Key Quotes
“The down-ward momentum is gaining quickly and the sharp drop yesterday suggest that further USD weakness is likely in the next 1-2 weeks. The immediate target is at the middle of the Daily Envelope which is currently at 1.1025 but based on the current momentum, a move towards the 1.0956 low seen earlier this month will not be surprising.”
“Oversold short-term condition may result in a pullback but as long as the key resistant at 1.1210 is not taken out, the outlook for this pair is clearly on the downside.”