26 Jul 2013
Flash: USD/CAD finds support at 1.0250/80 – TD Securities
FXstreet.com (New York) - According to the TD Securities Team, “The USD/CAD has stabilized but the bounce in spot so far is limited. From a short-term technical point of view though, there are a couple of things worth noting.”
Key quotes
“We noted earlier in the week that the 1.0250/80 zone should be supportive for the USD and, for all the heavy tone in the USD through the latter part of the week, there has been no real follow through on the downside beyond this point.”
“Additionally, there is evidence from the 6-hour candle charts of some modest bargain hunting, producing two small hammer type signals over the past 24 hours. USD/CAD remains oversold on the short-term charts.”
“Intraday gains through short-tem trend resistance at 1.0285 would be modestly positive for the USD but gains back through 1.0330/50 are needed to really indicate an improvement in the short-term technical position.”
Key quotes
“We noted earlier in the week that the 1.0250/80 zone should be supportive for the USD and, for all the heavy tone in the USD through the latter part of the week, there has been no real follow through on the downside beyond this point.”
“Additionally, there is evidence from the 6-hour candle charts of some modest bargain hunting, producing two small hammer type signals over the past 24 hours. USD/CAD remains oversold on the short-term charts.”
“Intraday gains through short-tem trend resistance at 1.0285 would be modestly positive for the USD but gains back through 1.0330/50 are needed to really indicate an improvement in the short-term technical position.”