8 Jun 2015
USD/CAD now focuses on 1.2370 – TDS
FXStreet (Edinburgh) - Strategists at TD Securities believe spot could head towards the key support band at 1.2370/75 in the short-term.
Key Quotes
“USDCAD’s technical signals have taken a turn for the worse over the past week or so”.
“The short-term chart highlights the block on the USD’s advance through the mid 1.25s through early June and intraday weakness below minor support at 1.2430/35 has allowed for a little more slippage in the market so far today”.
“Key support from here in the short run is 1.2370/75, last week’s low and a potential double top trigger for a decline in spot to the measured move objective of 1.2185”.
Key Quotes
“USDCAD’s technical signals have taken a turn for the worse over the past week or so”.
“The short-term chart highlights the block on the USD’s advance through the mid 1.25s through early June and intraday weakness below minor support at 1.2430/35 has allowed for a little more slippage in the market so far today”.
“Key support from here in the short run is 1.2370/75, last week’s low and a potential double top trigger for a decline in spot to the measured move objective of 1.2185”.