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USD/CAD longer term bullish – TDS

FXStreet (Guatemala) - Analysts at TD Securities gave us an in depth insight the Canadian dollar and resolve the long-term outlook as bullish.

Key Quotes:

USD/CAD pushed down to the 1.1280 area yesterday and retained a heavy look on the short-term charts as our session got underway today but the USD has now rebounded intraday to test channel resistance (potential bull flag trigger) at 1.1342”.

“Note that short-term trend momentum is still more bearish (6-hour study), which should help cap gains in the 1.1340/50 area near-term. But a sustained push through 42 over the rest of the morning would be a positive signal (bull flag break out) and undercut prospects for more, near-term softness in spot. It might even be a prelude to spot moving to new highs”.

“The broader trend in USD/CAD remains higher, that remains quite evident on the daily chart”.

“Longer-term trend momentum studies are bullishly aligned, which favours an eventual resumption of the USD’s trend appreciation”.

“We had thought the market might push back to the range base/40-day MA in the next couple of weeks after the recent stall (and reversal signals) in the upper 1.14s; a sustained push up in the next day or so would suggest the bull trend is getting back on track”.

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