OctaFX | OctaFX Forex Broker
Open trading account
Back

USD/CAD: No momentum to suggest break higher imminent - TDS

FXStreet (Bali) - According to TDS FX Strategists, USD/CAD broader uptrend remains intact but there is no momentum on shorter-term to suggest a break higher is imminent.

Key Quotes

"After rebounding from support at 1.1250/60 yesterday, short-term trend momentum is positive, suggesting that the funds may continue to pressure resistance in the mid/upper 1.13s near-term."

"But the overall message from the charts is quite mixed looking across the short, medium and longer-term timeframes and we still think the overall tone here is consolidative. Funds may struggle to break significantly higher—or lower—for the moment."

"The daily chart picture tells a similar story; USDCAD is consolidating between support in the 1.1240 area—trend and 40-day MA support—and resistance at 1.1380 (potential bull flag)."

"The broader trend higher remains intact but there is no momentum on the shorter-term studies to suggest that a break higher is imminent. We still favour looking to buy USD dips."

Japan Adjusted Merchandise Trade Balance up to ¥-977.532B in October from previous ¥-1070.138B

Read more Previous

GBP/USD remains in sluggish range top end of 1.56 handle

GBP/USD is trading at 1.5675, down -0.01% on the day, having posted a daily high at 1.5689 and low at 1.5671.
Read more Next
Start livechat