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Aug 18, 2014
USD/CAD key support 1.0850/60 - TD Securities
FXStreet (Guatemala) - Shaun Osbourne, Chief FX Strategist at TD Securities said that on the USD/CAD charts, we still see last week’s price action as a temporary correction within the broader move up.
Key Quotes:
“Short-term price signals suggest to us that an important low—right on the medium-term support zone defined by the 200-day MA (1.0868)—was reached Friday and that the market is trying to reverse higher again."
"There is not a lot of “buy in” evident to that theory at present and the lack of topside movement suggests some risk still of short-term weakness. We spot support at 1.0850/60 now and look for the USD to pick up a bit more ground again above 1.0910/20."
Key Quotes:
“Short-term price signals suggest to us that an important low—right on the medium-term support zone defined by the 200-day MA (1.0868)—was reached Friday and that the market is trying to reverse higher again."
"There is not a lot of “buy in” evident to that theory at present and the lack of topside movement suggests some risk still of short-term weakness. We spot support at 1.0850/60 now and look for the USD to pick up a bit more ground again above 1.0910/20."