27 Dec 2013
Flash: USD/CAD: Holding up above 1.06 - TD Securities
FXstreet.com (Córdoba) - USD/CAD has seen some choppy moves along with the rest of the FX space overnight, but overall remains consolidative above 1.0600, commented the TD Securities analyst team.
Key Quotes
"December has been essentially neutral for the pair so far—as has been the pattern over the past decade. We continue to foresee ongoing headwinds for the CAD however, and longer term support for the USD, and expect to see new cycle highs early on in the New Year".
"In the very short term, we remain wary of very choppy illiquid markets. On the charts, 1.0600/20 is the key short term support, below which we could see a test of the low to mid 1.05 area".
"The topside is more open, with little resistance ahead of last week’s high of 1.0734".
Key Quotes
"December has been essentially neutral for the pair so far—as has been the pattern over the past decade. We continue to foresee ongoing headwinds for the CAD however, and longer term support for the USD, and expect to see new cycle highs early on in the New Year".
"In the very short term, we remain wary of very choppy illiquid markets. On the charts, 1.0600/20 is the key short term support, below which we could see a test of the low to mid 1.05 area".
"The topside is more open, with little resistance ahead of last week’s high of 1.0734".