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30 Jul 2014
USD/CAD on the way to 1.10/11-TDS
FXStreet (Guatemala) - Analysts at TD Securities explained that they have been targeting a technical rally in USD/CAD to the 1.09 level over the past week as a result of the bull break out from the mid-July consolidation (bull wedge) in the low 1.07 area.
Key Quotes:
“That move is complete now but we think the broader rebound in USD/CAD that got underway at the start of the month from just above 1.06 has further to run overall."
"Bullish trend momentum is developing nicely, which is supportive of an extended move higher. Retracing half of the March/July decline in USD/CAD gets us to 1.0950 and a rise to the 61.8% Fibonacci retracement would target 1.1025."
"We are thinking more in terms of 1.10/1.11 as the objective for the next three months. In the event of disappointment today, we think USD/CAD will find firm support on dips to the 1.08 area (200-day MA at 1.0838)."
Key Quotes:
“That move is complete now but we think the broader rebound in USD/CAD that got underway at the start of the month from just above 1.06 has further to run overall."
"Bullish trend momentum is developing nicely, which is supportive of an extended move higher. Retracing half of the March/July decline in USD/CAD gets us to 1.0950 and a rise to the 61.8% Fibonacci retracement would target 1.1025."
"We are thinking more in terms of 1.10/1.11 as the objective for the next three months. In the event of disappointment today, we think USD/CAD will find firm support on dips to the 1.08 area (200-day MA at 1.0838)."