Back
21 Oct 2014
USD/CAD heading softer, within range - TD Securities
FXStreet (Łódź) - The TD Securities team of experts believe that US/CAD's inability to rise above 1.13 suggests a softer undertone for the pair in the near-term.
Key quotes
"Short-term momentum measures which were bullish are also softening or turning negative (on the very short-term studies)."
"The charts suggest that the overnight pop higher to just below 1.13 might be a minor peak for funds for now—today’s high may be in, in other words, leaving USD/CAD at risk of a drop back to the 1.12 support zone."
"We think a break of 1.1190 is needed to open up the downside a bit more meaningfully (towards 1.10)."
Key quotes
"Short-term momentum measures which were bullish are also softening or turning negative (on the very short-term studies)."
"The charts suggest that the overnight pop higher to just below 1.13 might be a minor peak for funds for now—today’s high may be in, in other words, leaving USD/CAD at risk of a drop back to the 1.12 support zone."
"We think a break of 1.1190 is needed to open up the downside a bit more meaningfully (towards 1.10)."