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5 Jun 2013
Flash: USD/CAD bullish trend intact – UBS
UBS Strategists, Gareth Berry and Geoffrey Yu take a technical perspective at today's commodity-based currencies and outline the technical positions.
In terms of the AUD/USD, “The pair is consolidating and unwinding the overextended downside conditions.
The risk is for resumption of weakness, and resistance at 0.9843 should hold. Support is at 0.9591 ahead of 0.9528, indicating a bearish outlook intraday” In addition, in looking at the USD/CAD, as long as support holds on closing basis at 1.0266, the potential is for resumption of the bull trend. Resistance is at 1.0421 ahead of 1.0524.
In terms of the AUD/USD, “The pair is consolidating and unwinding the overextended downside conditions.
The risk is for resumption of weakness, and resistance at 0.9843 should hold. Support is at 0.9591 ahead of 0.9528, indicating a bearish outlook intraday” In addition, in looking at the USD/CAD, as long as support holds on closing basis at 1.0266, the potential is for resumption of the bull trend. Resistance is at 1.0421 ahead of 1.0524.