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9 Feb 2015
USD/CAD to drop back to fill the mid Jan bullish gap? - TDS
FXStreet (Guatemala) - In respect of the USD/CAD, analysts at TD Securities explained the current conditions surrounding the pair.
Key Quotes:
"The longer-term charts support the consolidation story but no more than that at this point; the USD rally may be a little overstretched and in need of some back and filling but there is no sense—yet—from the charts that a full-blown reversal is playing out here."
"Daily support (former resistance) stands at 1.2430; below here and the upper 1.23s may be tested. Note that, in theory, the USD may still have to drop back to 1.2150/1.2250 to fill the gap left open on the hourly chart from midJanuary rally."
Key Quotes:
"The longer-term charts support the consolidation story but no more than that at this point; the USD rally may be a little overstretched and in need of some back and filling but there is no sense—yet—from the charts that a full-blown reversal is playing out here."
"Daily support (former resistance) stands at 1.2430; below here and the upper 1.23s may be tested. Note that, in theory, the USD may still have to drop back to 1.2150/1.2250 to fill the gap left open on the hourly chart from midJanuary rally."