Forex Flash: USD/CAD to reach 1.0130/40 shortly – TD Securities
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USD/CAD
FXstreet.com (Barcelona) - As the market attempts to break higher above 1.0100, TD Securities analysts believe the USDCAD will move to extend the current rally towards 1.0130/40 shortly, while weakness should find key short-term support, at 1.0060, holding the cross. A drop below here may see spot ease back to 1.0010/20.
"Short-term trend momentum signals are aligned constructively in USDCAD and the longer-term oscillator signals are moving into alignment as well", wrote analysts Shaun Osborne and Greg Moore, adding that "this will give us a lot more confidence that the current move up is sustainable and will extend". TD Securities analysts are are bullish in the short-run and are waiting for a push on to 1.0135 (61.8% retracement resistance of the 2012 move down). "A bit more strength in the oscillator signals will suggest scope for a push on the 1.0250/1.0450", they concluded.
"Short-term trend momentum signals are aligned constructively in USDCAD and the longer-term oscillator signals are moving into alignment as well", wrote analysts Shaun Osborne and Greg Moore, adding that "this will give us a lot more confidence that the current move up is sustainable and will extend". TD Securities analysts are are bullish in the short-run and are waiting for a push on to 1.0135 (61.8% retracement resistance of the 2012 move down). "A bit more strength in the oscillator signals will suggest scope for a push on the 1.0250/1.0450", they concluded.
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