30 Aug 2013
Flash: USD/CAD outlook remains constructive – TD Securities
FXstreet.com (New York) - The TD Securities Team analyzes the short-term outlook of the USD/CAD in light of recent breakout attempts during the latter stages of the week.
Key quotes
“The USD/CAD’s push up through the mid 1.05 area failed to “stick” initially today and the top heavy look of the previous hour’s candle does leave a bit of a dent in the short-term bullish picture. But the overall look of the short-term (hourly) chart above is constructive.”
“A small, inverse H&S base has formed this week and the market continues to pressure the neckline break out trigger at 1.0542 even with that setback. The implied measured-move potential is for a move up to 1.0610 on a sustained break of 1.0542. The broader, bullish bias is constructive still for USD/CAD, meaning that counter-trend losses should remain limited (minor trend at 1.0527 an firmer intraday support at 1.0475/95 now).”
Key quotes
“The USD/CAD’s push up through the mid 1.05 area failed to “stick” initially today and the top heavy look of the previous hour’s candle does leave a bit of a dent in the short-term bullish picture. But the overall look of the short-term (hourly) chart above is constructive.”
“A small, inverse H&S base has formed this week and the market continues to pressure the neckline break out trigger at 1.0542 even with that setback. The implied measured-move potential is for a move up to 1.0610 on a sustained break of 1.0542. The broader, bullish bias is constructive still for USD/CAD, meaning that counter-trend losses should remain limited (minor trend at 1.0527 an firmer intraday support at 1.0475/95 now).”