Forex Flash: USD/CAD weekly loss implies a more complex top forming – TD Securities
Forex pairs in this Article » USD/CAD
FXstreet.com (Barcelona) - TD Securities analysts believe that the USDCAD may have reached a peak of some importance at the weekly chart, following last week's push up to the 1.0050 resistance area. "Essentially, the weekly chart suggests a strong rejection of the 50% retracement of the 1.04460.9632 move is playing out here", they wrote, adding that the least they expect is a drop back to the 0.9900 channel base, as the short-term charts suggest. Last week's "doji" candle suggests a stall, while a net loss this week (very likely considering the short-term tone of the market) would imply a more complex top forming.