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17 Jul 2013
USD/CAD mixed
FXstreet.com (London) - USD/CAD reached a high of 1.0435 but slipped back sharply to print below the figure in reaction to BoC keeping rates on hold.
Research teams at TD securities said there is little change to report in the broader picture. “USD/CAD is stabilizing around the mid-point of the bull trend in place over the past few months (and the 40-day MA) but the consolidation USD/CAD is undergoing leaves the market delicately poised still. Another lurch lower (and a return to a 1.01/1.02 handle) still cannot be excluded as a risk for the near-term outlook for funds’.
USD/CAD technically weaker
Teams at TD Securities said the technical picture for USD/CAD looks a little weaker so far today, though not decisively so. “Much will hinge on where we close out the session today overall. A sustained move below short-term support at 1.0374 (bear wedge base) levitates the risk that USD/CAD takes another tumble but the market seems reluctant to commit so far today”. They said intraday losses below 1.0325/30 would underpin that outlook. “From here, USD/CAD really needs to move back through 1.0425/45 to stabilize”.
Research teams at TD securities said there is little change to report in the broader picture. “USD/CAD is stabilizing around the mid-point of the bull trend in place over the past few months (and the 40-day MA) but the consolidation USD/CAD is undergoing leaves the market delicately poised still. Another lurch lower (and a return to a 1.01/1.02 handle) still cannot be excluded as a risk for the near-term outlook for funds’.
USD/CAD technically weaker
Teams at TD Securities said the technical picture for USD/CAD looks a little weaker so far today, though not decisively so. “Much will hinge on where we close out the session today overall. A sustained move below short-term support at 1.0374 (bear wedge base) levitates the risk that USD/CAD takes another tumble but the market seems reluctant to commit so far today”. They said intraday losses below 1.0325/30 would underpin that outlook. “From here, USD/CAD really needs to move back through 1.0425/45 to stabilize”.