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2 Aug 2013
Flash: CAD crosses differ in outlook – TD Securities
FXstreet.com (New York) - The TD Securities team analyses the short-term outlook of the USD/CAD and EUR/CAD.
Key quotes
“Daily signals are encouraging from the USD-bullish perspective because, firstly, the slow stochastic oscillator suggests the USD sell off is over-extended and poised to turn higher. Secondly, the market has found solid support this week around the 76.4% retracement of the June/July rally. Finally, minor bear trend resistance in the mid 1.02s has been broken.”
Meanwhile, “the EUR/CAD gains through short-term trend resistance on the daily chart remain unconvincing from our perspective. A doji signal yesterday indicated a complete lack of follow through buying interest after the break higher the day before. Net selling so far today leaves a bearish tinge to daily price action so far.”
Key quotes
“Daily signals are encouraging from the USD-bullish perspective because, firstly, the slow stochastic oscillator suggests the USD sell off is over-extended and poised to turn higher. Secondly, the market has found solid support this week around the 76.4% retracement of the June/July rally. Finally, minor bear trend resistance in the mid 1.02s has been broken.”
Meanwhile, “the EUR/CAD gains through short-term trend resistance on the daily chart remain unconvincing from our perspective. A doji signal yesterday indicated a complete lack of follow through buying interest after the break higher the day before. Net selling so far today leaves a bearish tinge to daily price action so far.”