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Encouraging price action for USD/CAD bulls - TD Securities

FXStreet (Łódź) - The TD Securities team of analysts suggest that the gains in funds over the past few days from the upper 1.08 area is very encouraging for USD/CAD bulls.

Key quotes


"The market is ripe for another, broader squeeze up in the USD under the right circumstances."

"Today in particular that would come in the form of disappointing Canadian wholesale trade data (weaker data may point to softer growth) and a constructive undertone to the FOMC minutes."

"Technically, a push through resistance at 1.0960—the top of the broad bull flag consolidation channel in formation over the past few months—should set the USD up for more medium-term gains (towards 1.16/1.17 potentially in the next 6-9 months)."

"This level should resonate a little more with the market than the neckline of what looks to be an inverse H&S low/reversal formation which comes in at 1.0990; sustained gains through here would point to the USD rallying to the mid 1.13s in the next 3 months or so."

"We remain bullish on the near-term outlook for the USD and target a rally to 1.1050; sustained, short-term gains in funds would suggest building risks of an extended run higher in funds moving into 2015 (formally, we target 1.15 in Q1)."

EUR/GBP trend line and MA important short term support for continuation - ForexTrading.TV

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