Forex Flash: USD/CAD scope to a move up around 1.03 - TDS

FXstreet.com (Barcelona) - While USD/CAD is last at 1.0250, off daily lows at 1.0200, according to Toronto based FX Research Team at TD Securities, the pair is “still consolidating.” The analysts expected the 1.02 support to hold, and now they note that “Short-term price signals are constructive—hourly and 6-hour candle patterns are bullish, suggesting a firm, short-term low at least in place now,” they suggest.

“We look for the market to put a bit more pressure on resistance in the upper 1.02 area from here,” the team adds. “The 1.0279 level still looks like a H&S continuation signal—a break higher would imply scope for a move up of around 100 ticks (i.e. upper 1.03 area) to new cycle highs. We remain bullish USD/CAD,” they conclude.