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1 Oct 2013
USD/CAD penetrating resistances on heavy demand
FXstreet.com (London) - USD/CAD has printed a high of 1.0338 while markets appear to be complacent in light of the US government shutdown.
Research teams at TD Securities said USD/CAD’s short-term technical condition have improved over the past 24 hours. “…the near-term direction for funds looks flat still, with the market caught between support in the mid/upper 1.02s and resistance in the mid 1.03s.”
USD/CAD comes with bullish bias
TD Securities research teams said the USD/CAD picked up a little in the late afternoon yesterday, putting a bit of a firmer spin on the short-term price signals. “The daily pattern looks a little more constructive—a “hammer” signal yesterday. This is a bullish sign (which follows the positive weekly signals—a large bull “hammer” two weeks ago and a small doji candle last week—noted previously). This, however, only serves to counter the firm rejection of the 1.0340 zone seen late last week. We still view a push above 1.0340 as a modest plus for the USD—as it would relieve immediate downside pressure”.
Research teams at TD Securities said USD/CAD’s short-term technical condition have improved over the past 24 hours. “…the near-term direction for funds looks flat still, with the market caught between support in the mid/upper 1.02s and resistance in the mid 1.03s.”
USD/CAD comes with bullish bias
TD Securities research teams said the USD/CAD picked up a little in the late afternoon yesterday, putting a bit of a firmer spin on the short-term price signals. “The daily pattern looks a little more constructive—a “hammer” signal yesterday. This is a bullish sign (which follows the positive weekly signals—a large bull “hammer” two weeks ago and a small doji candle last week—noted previously). This, however, only serves to counter the firm rejection of the 1.0340 zone seen late last week. We still view a push above 1.0340 as a modest plus for the USD—as it would relieve immediate downside pressure”.