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21 May 2014
USD/CAD looking firmer - TD Securities
FXStreet (Guatemala) - Shaun Osbourne, Chief FX Strategist at TD Securities suggested that the USD/CAD is tracking a slightly firmer profile.
Key Quotes
"USD/CAD is tracking a slightly firmer profile, with the USD maintaining gains above short-term technical resistance in the upper 1.08s seen over the past 24 hours. USD/CAD may not be inclined to move too far today, with key domestic data out later in the week but cross flows may have a pull on the market to some degree. For example, CAD/JPY weakness looks poised to extend back towards the 91 area we think, and may help boost USD/CAD to some degree."
"Generally, we think USD/CAD is in a better technical place after last week's consolidation. The lack of downside follow-through interest below the mid/upper 1.08s suggests to us that, from a technical perspective at least, the bear pressure on the USD is moderating at the moment. Gains above trend resistance off the March peak imply a firmer technical trend may be developing at the very least."
"More broadly, the topside break out from the narrowing consolidation range (bull wedge pattern) that has been developing over the past few months is inherently bullish and signals that the broader USD bull trend is trying to get back on track."
Key Quotes
"USD/CAD is tracking a slightly firmer profile, with the USD maintaining gains above short-term technical resistance in the upper 1.08s seen over the past 24 hours. USD/CAD may not be inclined to move too far today, with key domestic data out later in the week but cross flows may have a pull on the market to some degree. For example, CAD/JPY weakness looks poised to extend back towards the 91 area we think, and may help boost USD/CAD to some degree."
"Generally, we think USD/CAD is in a better technical place after last week's consolidation. The lack of downside follow-through interest below the mid/upper 1.08s suggests to us that, from a technical perspective at least, the bear pressure on the USD is moderating at the moment. Gains above trend resistance off the March peak imply a firmer technical trend may be developing at the very least."
"More broadly, the topside break out from the narrowing consolidation range (bull wedge pattern) that has been developing over the past few months is inherently bullish and signals that the broader USD bull trend is trying to get back on track."