USD/CAD has moved in to test the 1.0275/95 area. “As it stands, the USD has filled the 1.0265/75 gap on the short-term charts and gains are now starting to show signs of slowing. We think the short-term picture has improved a fair bit since yesterday but we would still prefer to see the USD push up a bit more to trade and hold on a 1.03 handle to be a little more certain. USD/CAD repositioned for fresh support From here, explained the research teams at TD Securities, the 1.0250/75 turns into support. “Note that short-term studies suggest that the USD remains oversold (so corrective potential remains). Early signs of a rebound on the daily chart yesterday provided the platform for the squeeze higher in the market that we looked for. The market is struggling a little to extend the move today but the broader pattern of trade is positive, with the weekly chart showing a large “hammer” low/reversal signal developing around the 40-week MA (200-day equivalent). This is positive. Gains through the upper 1.03 zone in the coming week would be technically positive”. USD/CAD Sep 20 at 20:50 GMT 1.0306/09 (0.41%) H1.0311 L 1.0260 S3 S2 S1 R1 R2 R3 1.0172 1.0197 1.0223 1.0311 1.0337 1.0363
Posted on: Fri, 20 Sep 2013 21:03:57 +0000
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