Back
19 Apr 2013
Forex Flash: “The broader structure of USD/CAD remains bullish” – TDS
FXstreet.com (Barcelona) - The USD/CAD finished the New York session flat, again failing to take out resistance near the 1.0300 level. A short term consolidation may be at hand after the large moves higher earlier in the week.
According to Shaun Osborn, Chief FX Strategist at TD Securities, “The rally/consolidation/break out (from the March/April bull flag) pattern from the January low suggests another leg up in the market is now playing out (to 1.06). Fresh, short-term cycle highs are supportive, as is regaining the 40-day MA (1.0217)."
He then went on to add, “A move through the 1.0341 peak would be very positive. At the moment, only a push back under 1.0084, last week’s low, undermines the bullish technical outlook.”
According to Shaun Osborn, Chief FX Strategist at TD Securities, “The rally/consolidation/break out (from the March/April bull flag) pattern from the January low suggests another leg up in the market is now playing out (to 1.06). Fresh, short-term cycle highs are supportive, as is regaining the 40-day MA (1.0217)."
He then went on to add, “A move through the 1.0341 peak would be very positive. At the moment, only a push back under 1.0084, last week’s low, undermines the bullish technical outlook.”