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24 Apr 2013
Forex: USD/CAD testing intraday highs
FXstreet.com (Barcelona) - The Canadian dollar losing ground against the greenback on Wednesday, hovering over session lows in the area of 1.0275/80.
“The rally from the January low has followed a nice bull “wave” structure and the rally/consolidation/break out pattern of trade since February implies scope for a push to the 1.06 area. From here, only a move sub-1.01 changes the bullish picture”, suggested G.Moore and S.Osborne, FX Strategists at TD Securities.
As of writing, the cross is up 0.14% at 1.0272 with the next hurdle lying at 1.0286 (high Apr.22) followed by 1.0295 (high Apr.170 and finally 1.0315 (high Mar.8).
On the flip side, a breakdown of 1.0248 (low Apr.22) would bring 1.0227 (MA10d) and then 1.0210 (low Apr.17).
“The rally from the January low has followed a nice bull “wave” structure and the rally/consolidation/break out pattern of trade since February implies scope for a push to the 1.06 area. From here, only a move sub-1.01 changes the bullish picture”, suggested G.Moore and S.Osborne, FX Strategists at TD Securities.
As of writing, the cross is up 0.14% at 1.0272 with the next hurdle lying at 1.0286 (high Apr.22) followed by 1.0295 (high Apr.170 and finally 1.0315 (high Mar.8).
On the flip side, a breakdown of 1.0248 (low Apr.22) would bring 1.0227 (MA10d) and then 1.0210 (low Apr.17).