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Forex Flash: A push above 1.0210/20 should be enough to trigger another USD/CAD leg up - TD Securities

By FXstreet.com,  July 09, 2012, 10:47:00 AM EDT

FXstreet.com (San Francisco) - The USD/CAD has tested the 1.0120 resistance a few minutes ago after breaking the 1.0210 resistance in the last couple of hours. After testing intra-day highs, the USD/CAD has been rejected to levels close to 1.0200.

Currently the pair is trading at 1.0200, 0.05% below today's opening price action. Pair looks "Slightly Bullish" and "Extremely Oversold" and the TD Securities "still think that the adverse risk environment and challenging growth backdrop will boost the USD and weigh on the CAD over the course of the next few months."

According to TD Securities, "USD/CAD looks well supported despite last week's dip to the 1.01 area." Looking forward, "the 200-day MA held up and shorter-term charts suggest some bargain-hunting from investors has been the order of the day since then."

"Now," TD Securities adds, "a push above 1.0210/20 should be enough to trigger another leg up. Support is 1.0165."




The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.


This article appears in: Investing, Forex and Currencies

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