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7 Mar 2014
Flash: USD/CAD longer-term, bullish – TDS
FXStreet (Guatemala) - Strategists at TD Securities explained that the USD/CAD’s slide below support the mid 1.10 area (trend and 40-day MA at 1.1047) put a negative spin on the USD/CAD.
Key Quotes:
“USD/CAD’s slide below support the mid 1.10 area (trend and 40-day MA at 1.1047) put a negative spin on the short-term chart yesterday but the rebound in the market today should draw a line under the prospect of an extended move down in funds”.
“The market has recovered yesterday’s loses and the move below noted support points now looks like a “false break”.
“Longer-term patterns are encouraging from our USD/CAD-bullish perspective. The market should close the week well off the lows, suggesting a strong rejection of the mid/upper 1.09 zone. The bullish weekly reversal (like the daily signal, above) from mid-February remains intact, as does the broader bull channel. Trend momentum on the longer-term charts remains bullish”.
Key Quotes:
“USD/CAD’s slide below support the mid 1.10 area (trend and 40-day MA at 1.1047) put a negative spin on the short-term chart yesterday but the rebound in the market today should draw a line under the prospect of an extended move down in funds”.
“The market has recovered yesterday’s loses and the move below noted support points now looks like a “false break”.
“Longer-term patterns are encouraging from our USD/CAD-bullish perspective. The market should close the week well off the lows, suggesting a strong rejection of the mid/upper 1.09 zone. The bullish weekly reversal (like the daily signal, above) from mid-February remains intact, as does the broader bull channel. Trend momentum on the longer-term charts remains bullish”.