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21 Apr 2014
USD/CAD’s road-block above 1.1030 - TDS
FXStreet (Guatemala) - Strategists at TD Securities explained that the short-term trend still looks comfortably higher for USD/CAD, even with the market running into a clear road block above 1.1030 and just below last week’s high in holiday-thinned trade.
Key Quotes:
“The rebound in funds from the early April low has slowed but we think the underlying dynamics at play here are still positive from a technical perspective”.
“Last week, we wanted to see spot push through the low 1.10 area to support the impression of a base forming and to progress on to the upper 1.10 area”.
That has largely been achieved so higher volume trading through the balance of the week should see funds test 1.1060/70”.
Key Quotes:
“The rebound in funds from the early April low has slowed but we think the underlying dynamics at play here are still positive from a technical perspective”.
“Last week, we wanted to see spot push through the low 1.10 area to support the impression of a base forming and to progress on to the upper 1.10 area”.
That has largely been achieved so higher volume trading through the balance of the week should see funds test 1.1060/70”.