Forex Flash: USD/CAD with bull flag break out – TD Securities
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USD/CAD
FXstreet.com (Barcelona) - TD Securities view the push through short-term channel resistance in the low 0.9900 area as a bull flag break out, implying the potential for a push towards 1.0250 in the next 2-4 weeks (a repeat of the 0.9766/1.0019 move).
"A more reasonable short-term objective would be a push through minor resistance in the 0.9980/85 area that would pave the way for a push to new cycle highs just below 1.01", wrote analyst Shaun Osborne and Greg Moore, expecting good support on dips to the 0.9950 area intraday, but weakness there could lead to the 0.99s lower area. "Yesterday's price signal strongly suggests to us that the USD's recent back and filling exercise off the 1.0019 high is complete. We still prefer to look for USD-buying opportunities", they added.
"A more reasonable short-term objective would be a push through minor resistance in the 0.9980/85 area that would pave the way for a push to new cycle highs just below 1.01", wrote analyst Shaun Osborne and Greg Moore, expecting good support on dips to the 0.9950 area intraday, but weakness there could lead to the 0.99s lower area. "Yesterday's price signal strongly suggests to us that the USD's recent back and filling exercise off the 1.0019 high is complete. We still prefer to look for USD-buying opportunities", they added.
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