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17 Sep 2013
USD/CAD rejected at the gap, ahead of 1.0330
FXstreet.com (London) - USD/CAD has been on the bid, Monday Europe and NA session, moving into Asia to find offers ahead of the gap at 1.0330 resistance.
Research teams at TD Securities said they had thought that USD/CAD was starting to show some signs of steadying around 1.03 late last week. “The weekend pressure on the USD has set new, short-term cycle lows for the market but price action through late morning European trade suggests—to us, at least—that the USD is trying to base and recover”.
USD/CAD broadly on the bid
“Daily oscillator studies reflect the USD looks oversold still and more so today. The daily chart does not capture the extent of the sell-off especially well but the underlying message is that, despite the USD sell-off looking overdone, neither the daily price signals (at this point) nor the slow stochastic oscillator signals a reversal in the USD. We think key short-term support is firm at 1.0250/75. Major support is 1.0215 now (200-day MA)”, said teams at TD Securities.
Research teams at TD Securities said they had thought that USD/CAD was starting to show some signs of steadying around 1.03 late last week. “The weekend pressure on the USD has set new, short-term cycle lows for the market but price action through late morning European trade suggests—to us, at least—that the USD is trying to base and recover”.
USD/CAD broadly on the bid
“Daily oscillator studies reflect the USD looks oversold still and more so today. The daily chart does not capture the extent of the sell-off especially well but the underlying message is that, despite the USD sell-off looking overdone, neither the daily price signals (at this point) nor the slow stochastic oscillator signals a reversal in the USD. We think key short-term support is firm at 1.0250/75. Major support is 1.0215 now (200-day MA)”, said teams at TD Securities.