Forex Flash: USD/CAD intraday rebounds liable to struggle above 0.9905/25

By FXstreet.com | January 08, 2013 AAA

FXstreet.com (Barcelona) - Without a clear trend in USDCAD present at the moment, Toronto based FX Research Team at TD Securities think that: "While there is little evident desire to lean too hard on the downside, the USD slippage in the past couple of days probably means that intraday rebounds are liable to struggle to get above 0.9905/25 for the moment," the analysts say, adding: "and might even struggle to get back through 0.9875 on the day."



The team has been forced to adapt to current situation, and change in a way their minds: "USDCAD has definitely lost its edge over the holiday break. Earlier in December, we had thought that the move through the top of the Nov/Dec consolidation channel (bull flag) had put funds on track for a push above par to repeat the Sep/Nov rally," they reckon. "That remains a possibility but is clearly a less likely scenario for the market at present," the team concludes.



comments powered by Disqus
Related Forex Analysis
  1. AUD/USD Recovery Hopes Fade With Reversal Pattern Lacking Confirmation
    Forex News

    AUD/USD Recovery Hopes Fade With Reversal Pattern Lacking Confirmation

  2. USD/JPY bulls need to take a breath before a new attack at 110.00
    Forex News

    USD/JPY bulls need to take a breath before a new attack at 110.00

  3. Crude Oil Recovers Ahead Of Inventories, Platinum Hits Multi-Year Low
    Forex News

    Crude Oil Recovers Ahead Of Inventories, Platinum Hits Multi-Year Low

  4. GBP/USD nervous below 1.6200, waiting for data
    Forex News

    GBP/USD nervous below 1.6200, waiting for data

  5. Dollar’s Current Bull Leg Strongest since Rally Through Crisis
    Forex News

    Dollar’s Current Bull Leg Strongest since Rally Through Crisis

Trading Center