Forex Flash USD/CAD running out of steam - TDS

FXstreet.com (Barcelona) - With USDCAD currently near session highs last at 0.9862, recovering from yesterday's lows at 0.9841, and retracing from yesterday's weekly highs at 0.9886, TD Securities Toronto FX Research Team "suggests that the USD's push up is running out of steam," the analysts say, with "risks setting a short-term top/reversal signal on the daily chart."

"We noted short-term resistance on the 6-hour chart above at 0.9885," they continue, adding: "That level is reinforced by the 40-day MA on the daily chart (0.9892). Failure/rejection in the high 0.98s on the daily chart would be a little more serious. Trend momentum is weak. This helps cap the topside but also implies limited downside scope for now," the team concludes.