30 Mar 2015
USD/CAD might push higher towards 1.2670/75 in the near-term – TDS
FXStreet (Barcelona) - FX Strategists at TD Securities, believe that USD/CAD might continue to move higher towards the resistance at 1.2670/75 in the near-term, and remain supported by 1.2610/15 levels.
Key Quotes
“USDCAD moved the opposite way to what we expected on Friday as firmer yield spreads and renewed slippage in crude oil provided firm support for the USD.”
“We continue to view USDCAD as consolidating but the risks of a push back towards the upper reaches of the recent trading range have risen a couple of notches after Friday’s firm close for funds (back above the 40-day MA).”
“Chart-wise, USDCAD has taken back more than half of the mid-March sell-off and may progress a little higher towards minor resistance at 1.2670/75 near-term. We see firm support at 1.2610/15 intraday.”
Key Quotes
“USDCAD moved the opposite way to what we expected on Friday as firmer yield spreads and renewed slippage in crude oil provided firm support for the USD.”
“We continue to view USDCAD as consolidating but the risks of a push back towards the upper reaches of the recent trading range have risen a couple of notches after Friday’s firm close for funds (back above the 40-day MA).”
“Chart-wise, USDCAD has taken back more than half of the mid-March sell-off and may progress a little higher towards minor resistance at 1.2670/75 near-term. We see firm support at 1.2610/15 intraday.”