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12 Dec 2014
USD/CAD a buy on dips below 1.15 handle
FXStreet (Guatemala) - USD/CAD is trading at 1.1555, up 0.22% on the day, having posted a daily high at 1.1593 and low at 1.1515.
USD/CAD has been pressured lower and 1.1520 has been proven to be a strong support base for the pair that is in an otherwise strong bull trend. Oil continues to be pressured as greater supply just keeps coming, and with the FOMC around the corner, next Wednesday, the hawks may want to start thinking again and this may add some pressure to the greenback.
However, analysts at TD Securities explained that there is really not much to dislike in the technical picture for USD/CAD if you are bullish. “The broader picture is unequivocally bullish as we close out the week; spot has moved decisively to new cycle highs and well through the upper 1.14/1.15 figure area that had blocked progress through November”.
The analysts further added, “We think there will be solid support for the USD on dips; technically, 1.1465/1.1515 looks firm support on the daily chart but (realistically) short-term corrections may not get much below 1.15 now”.
USD/CAD has been pressured lower and 1.1520 has been proven to be a strong support base for the pair that is in an otherwise strong bull trend. Oil continues to be pressured as greater supply just keeps coming, and with the FOMC around the corner, next Wednesday, the hawks may want to start thinking again and this may add some pressure to the greenback.
However, analysts at TD Securities explained that there is really not much to dislike in the technical picture for USD/CAD if you are bullish. “The broader picture is unequivocally bullish as we close out the week; spot has moved decisively to new cycle highs and well through the upper 1.14/1.15 figure area that had blocked progress through November”.
The analysts further added, “We think there will be solid support for the USD on dips; technically, 1.1465/1.1515 looks firm support on the daily chart but (realistically) short-term corrections may not get much below 1.15 now”.