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Forex Flash: USD/CAD broader structure remains USD-positive – TD Securities

TD Securities analysts say that, in spite of the squeeze higher, the broader short-term range remains intact, but the strength of the rally so far today suggests that the recent highs at 1.0090/00 should be tested in the next day or so. "The 0.9990/00 area is key support now", wrote analysts Shaun Osborne and Greg Moore.

"After all the chop and indecision in USD/CAD over the past couple of weeks, it has been easy to lose sight of the fact that the broader structure of this market remains USD-positive", they added, expecting the cross to test the 1.03 area in the weeks ahead. "The USD has struggled to hold a bid this week and some price signals have warned of the potential for weakness but losses have been limited, with the 200-day MA supporting the market at 0.9991 currently while the 40-day MA is slowly creeping higher for a potential bullish crossover signal", they continued, pointing to positive trend momentum signals supporting the outlook for more gains and limited losses . "The 1.01 area remains a hurdle but the USD rally may pick up speed above", they concluded.

G20 not expected to single Japan out as currency manipulator

As the G20 talks in Moscow progress, various sources report that the draft communiqué on currency manipulation, the main issue discussed at the meeting, will repeat the wording from the first version dated February 11 on avoiding excessive foreign exchange volatility.
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Forex: USD/JPY establishes fresh highs at 93.64/65

The USD/JPY has been one of the star performers today after the G20 pushed the yen aside and let the greenback have its way during the American session today. Back during the overnight session, the pair traded as low as 92.23 (intraday low) before suddenly rocketing forward. At the time of writing the cross is establishing fresh session highs at 93.64/65, up a steadfast +0.78%.
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