21 Nov 2013
Flash: USD/CAD short-term trend higher intact - TDS
FXstreet.com (Barcelona) - USD/CAD short-term trend higher remains intact, notes Shaun Osborne, Chief FX Strategist at TDS, who sees the low 1.04 as strong support.
Key Quotes
"USD/CAD on the daily looks soft but today’s range is holding inside yesterday’s, suggesting consolidation in the broader trend after yesterday’s strong rejection of the 1.0420 support (converges with the minor trend channel on the 6-hour chart, above)."
"We think the primary daily trend here is bullish (as is the longer-term trend), with the market carving out a higher highs and higher lows since the mid-September trough."
"Trend momentum is positive on the daily and weekly studies, not aggressively so at this point, but the alignment should support the mild appreciation trend evident at the moment. We see key short-tem support at 1.0390/00. Major support at 1.0300/10 (200-day MA at 1.0312). Resistance is 1.0500/20."
Key Quotes
"USD/CAD on the daily looks soft but today’s range is holding inside yesterday’s, suggesting consolidation in the broader trend after yesterday’s strong rejection of the 1.0420 support (converges with the minor trend channel on the 6-hour chart, above)."
"We think the primary daily trend here is bullish (as is the longer-term trend), with the market carving out a higher highs and higher lows since the mid-September trough."
"Trend momentum is positive on the daily and weekly studies, not aggressively so at this point, but the alignment should support the mild appreciation trend evident at the moment. We see key short-tem support at 1.0390/00. Major support at 1.0300/10 (200-day MA at 1.0312). Resistance is 1.0500/20."