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USD/CAD trading heavily again on Tuesday - TD Securities

FXStreet (Łódź) - The TD Securities team of analysts observe that the greenback is dropping against the CAD on Tuesday, pushing a little below last week’s low.

Key quotes

"Note that short-term trend momentum is picking up modestly so we cannot rule out more downside pressure near-term."

"But we are far from sure that today’s move will extend too far. We had rather thought the market would remain in a 1.12/1.13 range but risks may be shifting towards a 1.1150/1.1250 range trade unfolding from here."

"USD/CAD looks soft on the daily chart as well and, with the noted weakness on the weekly chart last week after the drop back from the upper 1.12s, there is a bit of a weak USD/CAD 'theme' unfolding across the charts."

"While an alignment of signals across a range of timeframes is usually something we pay attention to, a more mixed picture on the oscillators (bearish short-term, neutral medium-term, bullish USD/CAD on the longer termstudies) suggests choppy range trade, with a bias lower, rather than a sharp drop in the USD from here—for the moment. The 200-day MA support stands at 1.1116 currently."

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