18 Jul 2013
Flash: USD/CAD maintains mixed outlook in short-term – TD Securities
FXstreet.com (New York) - The TD Securities Team looks at the technical layout in front of the USD/CAD, moving forward in the short-term interval.
USD/CAD outlook mixed
According to the team, “The technical picture is mixed for USD/CAD in the short run – the market remains at some risk of a further pullback from the recent peaks pattern-wise as the consolidation since late last week remains in a bear flag/wedge formation.”
However, “the USD has shown some decent resilience in the past few days and is pressing on short-term trend resistance on the 6hour chart at 1.0413, which may prompt a push back to the 1.0440 area.” they add.
Ultimately, “We still rather think that 1.0425/45 is a fairly high hurdle for USD/CAD to cross at the moment though (momentum settings are not particularly favorable on the short-term charts) and rather looks for the market to continue sideways between (roughly) 1.0350/1.0450 for the moment.”
USD/CAD outlook mixed
According to the team, “The technical picture is mixed for USD/CAD in the short run – the market remains at some risk of a further pullback from the recent peaks pattern-wise as the consolidation since late last week remains in a bear flag/wedge formation.”
However, “the USD has shown some decent resilience in the past few days and is pressing on short-term trend resistance on the 6hour chart at 1.0413, which may prompt a push back to the 1.0440 area.” they add.
Ultimately, “We still rather think that 1.0425/45 is a fairly high hurdle for USD/CAD to cross at the moment though (momentum settings are not particularly favorable on the short-term charts) and rather looks for the market to continue sideways between (roughly) 1.0350/1.0450 for the moment.”