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Forex pairs in this Article » USD/CAD
FXstreet.com (Barcelona) - TD Securities analysts say that, in spite of the squeeze higher, the broader short-term range remains intact, but the strength of the rally so far today suggests that the recent highs at 1.0090/00 should be tested in the next day or so. "The 0.9990/00 area is key support now", wrote analysts Shaun Osborne and Greg Moore.

"After all the chop and indecision in USDCAD over the past couple of weeks, it has been easy to lose sight of the fact that the broader structure of this market remains USD-positive", they added, expecting the cross to test the 1.03 area in the weeks ahead. "The USD has struggled to hold a bid this week and some price signals have warned of the potential for weakness but losses have been limited, with the 200-day MA supporting the market at 0.9991 currently while the 40-day MA is slowly creeping higher for a potential bullish crossover signal", they continued, pointing to positive trend momentum signals supporting the outlook for more gains and limited losses . "The 1.01 area remains a hurdle but the USD rally may pick up speed above", they concluded.
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