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19 Aug 2013
Flash: USD/CAD holds upside bias in near-term – TD Securities
FXstreet.com (New York) - The USD/CAD remains range-bound in a sideways trading band – movement over the past week has respected the broader bounds of the short-term range we highlighted previously (1.0250/1.04+), suggests the TD Securities Team.
Key quotes
“Short-term trend momentum suggests a mild upside bias for the USD near-term but this is not reflected in other timeframes at this stage so our underlying bullish conviction has been dialed back a notch or three and we await clearer signals from price movement in the days ahead.”
“The USD/CAD’s medium-term picture has turned neutral. Neither the daily nor the weekly charts are providing strong directional signals at present, which leaves the market vulnerable to somewhat random movement between support and resistance points in the next few days.”
“Daily support in the upper 1.02 area has firmed up over the past week and we spot key support now at 1.0290/95 (so well above the 1.0250 level noted on the 6-hour chart, above). Key resistance remains 1.0425/45.”
Key quotes
“Short-term trend momentum suggests a mild upside bias for the USD near-term but this is not reflected in other timeframes at this stage so our underlying bullish conviction has been dialed back a notch or three and we await clearer signals from price movement in the days ahead.”
“The USD/CAD’s medium-term picture has turned neutral. Neither the daily nor the weekly charts are providing strong directional signals at present, which leaves the market vulnerable to somewhat random movement between support and resistance points in the next few days.”
“Daily support in the upper 1.02 area has firmed up over the past week and we spot key support now at 1.0290/95 (so well above the 1.0250 level noted on the 6-hour chart, above). Key resistance remains 1.0425/45.”