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27 Sep 2013
USD/CAD dropping to find demand on the handle, 1.0300
FXstreet.com (London) - USD/CAD slid from the highs of 1.0333 to print a low of 1.0296 today, where it found demand coming in protecting the handle of 1.0300.
Research teams at TD securities at TD Securities suggested support would be seen here and that is base mainly on their observation that trend momentum indicators are variously flat/bullish/bearish across a range of short-term timeframes, meaning that they will have to see some significant and sustained movement (one way or another) to generate a stronger sense of directional intent. “For now (intraday), we look for bid interest at or just below 1.0300 and for the 1.0340/50 area to cap”.
USD/CAD Levels
The research teams at TD Securities suggested that the weekly pattern of trade looks a little more encouraging for the USD. “After the weakness that characterized USD/CAD trading through early September, last week’s large “hammer” signal has been followed up this week by a smaller “doji’ candle on the weekly chart”. They continued and said, “Combined, the signals over the past two weeks suggest that the short-term trend lower has steadied and may be reversing—especially as the rebound got underway from trend/40-week MA support. A move back above 1.0380/00 would be more USD-supportive”.
Research teams at TD securities at TD Securities suggested support would be seen here and that is base mainly on their observation that trend momentum indicators are variously flat/bullish/bearish across a range of short-term timeframes, meaning that they will have to see some significant and sustained movement (one way or another) to generate a stronger sense of directional intent. “For now (intraday), we look for bid interest at or just below 1.0300 and for the 1.0340/50 area to cap”.
USD/CAD Levels
The research teams at TD Securities suggested that the weekly pattern of trade looks a little more encouraging for the USD. “After the weakness that characterized USD/CAD trading through early September, last week’s large “hammer” signal has been followed up this week by a smaller “doji’ candle on the weekly chart”. They continued and said, “Combined, the signals over the past two weeks suggest that the short-term trend lower has steadied and may be reversing—especially as the rebound got underway from trend/40-week MA support. A move back above 1.0380/00 would be more USD-supportive”.