20 Mar 2014
USD/CAD 1.17 on the cards longer term? - TDS
FXStreet (Guatemala) - Strategists at TD Securities explained that the daily chart reflects a bullish outside range day (rejecting the push under the 40-day MA) Tuesday, a clear break above the ceiling of the triangle consolidation pattern yesterday and a move to fresh cycle highs this morning.
Key Quotes:
“The intraday range has been relatively narrow after yesterday’s surge but the technical damage has been done”.
“The triangle break-out targets a rise to the low 1.15s over the next 1-2 months and we reiterate that a sustained move through 1.1225/35 (50% retracement of the 1.31/0.94 move down) suggests a move towards 1.1650/1.17 in the slightly longer (3-6 months) run”.
Key Quotes:
“The intraday range has been relatively narrow after yesterday’s surge but the technical damage has been done”.
“The triangle break-out targets a rise to the low 1.15s over the next 1-2 months and we reiterate that a sustained move through 1.1225/35 (50% retracement of the 1.31/0.94 move down) suggests a move towards 1.1650/1.17 in the slightly longer (3-6 months) run”.