Apr 24, 2013
Forex Flash: USD/CAD consolidating ahead of a push to the upper 1.03 area – TD Securities
FXstreet.com (Barcelona) - TD Securities analysts are cautious on the broader outlook for risk as the trend in soft or softer than expected US data should continue with today’s US durable goods data. “The pattern over the past few years has been for early year exuberance in risk markets to reverse sharply through the spring, reflecting disappointment over the performance of the US economy”, wrote analysts Shaun Osborne and Greg Moore, adding that the run up in risk and the run down in the US data look eerily familiar. In regard to the USD/CAD, the cross is struggling to push on through selling interest in the upper 1.02 area but the broader trend remains positive and “we view the market as consolidating ahead of another push higher”. “Below 1.0260, there is a chance that spot drops back to the low 1.02 support zone but while support holds, we continue to look for a quick-ish push to the upper 1.03 area”, the analysts concluded.