Mar 20, 2013
Forex Flash: USD/CAD short-term price patterns potencially USD-bullish – TD Securities
FXstreet.com (Barcelona) - According to TD Securities analysts, the USD/CAD short-term price patterns are potentially USD-bullish, but the USD still has some work to do: “After the rebound from retracement support at 1.0186, the market may be carving out a small Head & Shoulders continuation pattern (1.0282 neckline currently). The upside implications of the formation suggests that new cycle highs might be reachable in the next 1-2 weeks”, wrote analysts Shaun Osborne and Greg Moore, pointing to a flat short-term trend momentum favoring more range trading for the moment. “We still prefer to try and buy dips but a push through resistance in the upper 1.02 zone near term should be USD-positive”, they added, pointing to a key break out point at 1.0278. “Daily and weekly trend momentum signals are still aligned bullishly for the USD, providing some good cover for our broadly bullish bias”, they continued, adding key support at 1.0175/80.