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24 Apr 2013
Forex Flash: USD/CAD grind higher continues, good support on dips seen to the low/mid 1.02 – TD Securities
FXstreet.com (Barcelona) - The USD/CAD again traded in a narrow range for the 4th straight day, closing up 4 pips at 1.0263. The pair seems to be consolidating gains after making a major move up on April 15th.
According to Shaun Osborn, Chief FX Strategist at TD Securities, “USD/CAD short-term price action looks a little heavy, with the market pressuring short-term, consolidation support at 1.0259. The USD has struggled to make much headway through the upper 1.02 region in the past week so the risk of some short term, corrective pressure back to the low 1.02 area may build near term.”
He them commented, “We doubt that near-term downside potential extends much beyond that, however. The broader trend here remains higher and is—still—deeply entrenched in the market. We look or limited downside and more pressure on 1.03+ levels in the next few days.”
According to Shaun Osborn, Chief FX Strategist at TD Securities, “USD/CAD short-term price action looks a little heavy, with the market pressuring short-term, consolidation support at 1.0259. The USD has struggled to make much headway through the upper 1.02 region in the past week so the risk of some short term, corrective pressure back to the low 1.02 area may build near term.”
He them commented, “We doubt that near-term downside potential extends much beyond that, however. The broader trend here remains higher and is—still—deeply entrenched in the market. We look or limited downside and more pressure on 1.03+ levels in the next few days.”