Forex Flash: USD/CAD looks technically constructive – BBH
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USD/CAD
FXstreet.com (Barcelona) - Despite USDCAD looking technically constructive, Marc Chandler of Brown Brothers Harriman believes that the Canadian Dollar may continue to lag behind European currencies.
He notes that CAD was the second worst performer against USD over the past week next to the Yen. It gained almost 1% against the greenback and looks poised to extend those gains in Chandlers opinion. He notes that trend line support drawn off the Sept 14 low (0.9635) and the Oct 18 low (0.9765) comes in just above 0.9900 at the start of the new week. He adds that a bad of support extends to 0.9875 and potential towards 0.9800. He highlights however, that typically when the USD is offered, CAD lags on the crosses, except against the Yen. He feels corrective bounces in USD may be capped ahead of resistance in front of parity.
He notes that CAD was the second worst performer against USD over the past week next to the Yen. It gained almost 1% against the greenback and looks poised to extend those gains in Chandlers opinion. He notes that trend line support drawn off the Sept 14 low (0.9635) and the Oct 18 low (0.9765) comes in just above 0.9900 at the start of the new week. He adds that a bad of support extends to 0.9875 and potential towards 0.9800. He highlights however, that typically when the USD is offered, CAD lags on the crosses, except against the Yen. He feels corrective bounces in USD may be capped ahead of resistance in front of parity.
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