26 Sep 2014
USD/CAD: Price action looks constructive - TDS
FXStreet (Bali) - Martin Schwerdtfeger, FX Strategist at TDS, notes that USD/CAD price action looks constructive across multiple high timeframes.
Key Quotes
"On the charts, price action looks constructive both on the daily and the weekly timeframes, as both display bullish engulfing patterns and the former also displays a looming golden cross between the 50- and 200-DMAs."
"A close above 1.1130 this week would suggest USDCAD will retest March's highs in the mid 1.12s. However, we would also warn that failure to close above 1.11 for a second session in a row today after spending a good portion of the day trading above those levels, does call into question the willingness of the market to drive the price much higher in the short term."
Key Quotes
"On the charts, price action looks constructive both on the daily and the weekly timeframes, as both display bullish engulfing patterns and the former also displays a looming golden cross between the 50- and 200-DMAs."
"A close above 1.1130 this week would suggest USDCAD will retest March's highs in the mid 1.12s. However, we would also warn that failure to close above 1.11 for a second session in a row today after spending a good portion of the day trading above those levels, does call into question the willingness of the market to drive the price much higher in the short term."