11 Jun 2013
Flash: Odds in favour of a USD/CAD recovery - TDS
FXstreet.com (Barcelona) - If the USD/CAD is capable of make some modest gains through 1.0210/15, it will likely put the USD on course for a rebound to the mid/upper 1.02s, says Shaun Osborne, chief FX strategist at TDS.
Osborne thinks "the odds are slightly in favour of a push higher from current levels with the past hour’s session forming a minor bull signal (hourly outside range higher)." On the downside, Osborne expects the USD slide to remain contained in the upper 1.01.
After the heavy liquidation from late last week, Osborne has the conviction that the technical environment offers scope for a short-term stabilization in the USD sell-off: "We look for firmer evidence of a rebound to unfold in the next day or so". From a longer-term view, Osborne remains a USD bulls and is looking for opportunities to re-establish a long position.
Osborne thinks "the odds are slightly in favour of a push higher from current levels with the past hour’s session forming a minor bull signal (hourly outside range higher)." On the downside, Osborne expects the USD slide to remain contained in the upper 1.01.
After the heavy liquidation from late last week, Osborne has the conviction that the technical environment offers scope for a short-term stabilization in the USD sell-off: "We look for firmer evidence of a rebound to unfold in the next day or so". From a longer-term view, Osborne remains a USD bulls and is looking for opportunities to re-establish a long position.