24 Jul 2013
Flash: CAD crosses differ in outlook – TD Securities
FXstreet.com (New York) - The USD/CAD is chipping away at downside supports on the daily charts and sustained weakness below support in the low 1.03 area will tip the scales towards a little more weakness, notes the TD Securities Team.
Key quotes
“This movement could in USD/CAD towards 1.0250 (76.4% retracement support from the 1.0140/1.0605 move up) could open up major support is 1.0100/40 where the June low is converging with trend channel and 200-day
MA support.”
Meanwhile, “The EUR/CAD closed well off the intraday high yesterday, with short-term trend resistance in the upper 1.36 area containing EUR gains. The cross still looks to be in consolidation mode in the short run but, with the market unable to test the 1.3700/05 area, this week so far, downside risks may be rising again (weakness may extend below the 40-day MA at 1.3601).”
Key quotes
“This movement could in USD/CAD towards 1.0250 (76.4% retracement support from the 1.0140/1.0605 move up) could open up major support is 1.0100/40 where the June low is converging with trend channel and 200-day
MA support.”
Meanwhile, “The EUR/CAD closed well off the intraday high yesterday, with short-term trend resistance in the upper 1.36 area containing EUR gains. The cross still looks to be in consolidation mode in the short run but, with the market unable to test the 1.3700/05 area, this week so far, downside risks may be rising again (weakness may extend below the 40-day MA at 1.3601).”