31 Jul 2013
Flash: USD/CAD turns constructive on break past resistance – TD Securities
FXstreet.com (New York) - The TD Securities Team analyses the short-term outlook of the USD/CAD.
Key quotes
“The short-term pattern of trade in USD/CAD is turning a little more constructive. USD/CAD has pushed through short-term trend resistance and the hourly chart (above) shows a rough Head & Shoulders low/reversal forming over the past three days around the 1.0254 low.”
“The neckline break at 1.0289 targets a push up to 1.0329 as the measured-move target. The neckline break out at 1.0289 (or very close to it) should be support over the next 24 hours now if the formation is to generate any topside traction.”
Key quotes
“The short-term pattern of trade in USD/CAD is turning a little more constructive. USD/CAD has pushed through short-term trend resistance and the hourly chart (above) shows a rough Head & Shoulders low/reversal forming over the past three days around the 1.0254 low.”
“The neckline break at 1.0289 targets a push up to 1.0329 as the measured-move target. The neckline break out at 1.0289 (or very close to it) should be support over the next 24 hours now if the formation is to generate any topside traction.”