Forex Flash: USD/CAD with medium-term bull reversal signal on the weekly chart – TD Securities
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USD/CAD
FXstreet.com (Barcelona) - Lack of progress on the US fiscal cliff over the weekend left equity markets in Europe and Asia mostly in the red and a little leery of commodity markets, while the CAD is little changed against the USD reflecting concern that slower US growth momentum if the Washington slides off the fiscal cliff will translate into slower growth in Canada.
"USDCAD was able to absorb good selling interest over the course of the session Friday and still close relatively strongly on the week. The near-term bias in USDCAD and some of the key CAD crosses seems to be higher", wrote TD Securities analysts Shaun Osborne and Greg Moore, now pointing to a solid medium-term bull reversal signal on the weekly chart. "USDCAD is consolidating around the 40-day MA (0.9939) this morning and seems to be gearing up for a New Year push through to the par area at least", they said, adding support at 0.9885/05.
"USDCAD was able to absorb good selling interest over the course of the session Friday and still close relatively strongly on the week. The near-term bias in USDCAD and some of the key CAD crosses seems to be higher", wrote TD Securities analysts Shaun Osborne and Greg Moore, now pointing to a solid medium-term bull reversal signal on the weekly chart. "USDCAD is consolidating around the 40-day MA (0.9939) this morning and seems to be gearing up for a New Year push through to the par area at least", they said, adding support at 0.9885/05.
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