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19 Mar 2013
Forex Flash: USD/CAD should be limited by high 1.01/low 1.02 - TDS
FXstreet.com (Barcelona) - The double topside rejection at 1.0340 and the loss of short-term support and the double top neckline trigger at 1.0257 clearly puts a softer spin on the charts for USD/CAD, says Shaun Osborne, Chief FX Strategist at TD Securities.
Shaun adds: "Trend momentum has turned negative on the short-term term studies, suggesting limited scope for USD/CAD gains at the moment. But downside scope may also be limited. We think that USD/CAD losses from current levels should be limited and that the high 1.01/low 1.02 zone should provide a firm base for the USD in the near-term at least."
Shaun adds: "Trend momentum has turned negative on the short-term term studies, suggesting limited scope for USD/CAD gains at the moment. But downside scope may also be limited. We think that USD/CAD losses from current levels should be limited and that the high 1.01/low 1.02 zone should provide a firm base for the USD in the near-term at least."