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27 Aug 2013
Flash: USD/CAD retains bullish bias – TD Securities
FXstreet.com (New York) - There is little change to report from a short-term technical perspective as far as USD/CAD is concerned today – the market continues to move sideways between support just under 1.05 and resistance at 1.0535, notes the TD Securities Team.
Key quotes
“Narrow range trading yesterday, with the UK markets closed, was perhaps to be expected. A repetition today perhaps less so, considering volatility elsewhere.”
“Short-term patterns look neutral. The flat range and weak momentum make it hard to tease out the likely direction for a break out. Bullish readings over the longer-term studies suggest to us that the topside remains more vulnerable to a test.”
“The weak close Friday is still hanging over the market. We retain a generally bullish bias here overall but the market seems to have stalled. On the one hand, there appears to be solid support for the USD on dips to the 1.05 area. On the other, intraday USD gains have tended to fade over the past three trading sessions, leaving two (and may be three) shooting star like candles on the daily chart. The alignment of positive (for the USD) trend momentum indicators across a range of timeframes still leaves us leaning clearly bullish on the technical outlook here.”
Key quotes
“Narrow range trading yesterday, with the UK markets closed, was perhaps to be expected. A repetition today perhaps less so, considering volatility elsewhere.”
“Short-term patterns look neutral. The flat range and weak momentum make it hard to tease out the likely direction for a break out. Bullish readings over the longer-term studies suggest to us that the topside remains more vulnerable to a test.”
“The weak close Friday is still hanging over the market. We retain a generally bullish bias here overall but the market seems to have stalled. On the one hand, there appears to be solid support for the USD on dips to the 1.05 area. On the other, intraday USD gains have tended to fade over the past three trading sessions, leaving two (and may be three) shooting star like candles on the daily chart. The alignment of positive (for the USD) trend momentum indicators across a range of timeframes still leaves us leaning clearly bullish on the technical outlook here.”