29 Aug 2013
Flash: USD/CAD still searching for breakout – TD Securities
FXstreet.com (New York) - The USD/CAD trading retains a positive technical bias in our opinion but a clear and sustained upside break out remains so far elusive, notes the TD Securities Team.
Key quotes
“USD/CAD has been consolidating in the past few days following last Friday’s peak above 1.0550.”
“We think the market is coiling ahead of another move up—forming a bull flag/bull wedge. An early attempt today to move up through the consolidation ceiling (bull trigger) has not generated a lot of follow through but we think the break out should be sustained.”
“We look for a push back to 1.5065/70 to retest last Friday’s high initially and for 1.0600/50 to be reached shortly thereafter from a short-term perspective. We think short-term support is 1.0470/75 and (key) 1.0440/845.”
Key quotes
“USD/CAD has been consolidating in the past few days following last Friday’s peak above 1.0550.”
“We think the market is coiling ahead of another move up—forming a bull flag/bull wedge. An early attempt today to move up through the consolidation ceiling (bull trigger) has not generated a lot of follow through but we think the break out should be sustained.”
“We look for a push back to 1.5065/70 to retest last Friday’s high initially and for 1.0600/50 to be reached shortly thereafter from a short-term perspective. We think short-term support is 1.0470/75 and (key) 1.0440/845.”