Apr 22, 2013
Forex Flash: USD/CAD bullish with scope toward 1.0341 – TD Securities
FXstreet.com (Barcelona) - The push through 1.0270 by the USD/CAD should enable a retest of the low 1.03 area, according to TD Securities analysts: “The USD/CAD is breaking out of the consolidation pattern that trapped the market in a tight range through the latter part of last week (above 1.0250/55) with a little more intent. Initial gains were capped in the 1.0270 area but the push higher seen so far today should see USD/CAD make minor new highs (above 1.0291) at least near-term”, wrote analysts Shaun Osborne and Greg Moore, seeing scope for a push beyond the recent 1.0341 peak. “We spot short-term support now at 1.0270 intraday, stronger at 1.0250. Hourly trend momentum is USD-bullish, aligning with the USD-positive signals on the other short-, medium– and long-term trend momentum oscillator signals”, they added.