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Forex Flash: Strong pointers for USD/CAD to retest 0.98 - TD Securities

By FXstreet.com,  August 16, 2012, 04:35:00 PM EDT

FXstreet.com (Barcelona) - The USD/CAD continues to show a bottomless fall, printing a new trend low at 0.9858, quote not seen since the past May 3. "The short-term bear-trend remains well-entrenched. This is still a market that is more likely to attract sellers on USD strength than USD bargain-hunters for the moment" TD Securities FX Strategist Greg Moore notes.

"The underlying trend is strongly bearish, according to the daily studies. The 40-day MA is poised to cross below the 200-day MA, which is usually a bearish signal - though we caution that the reverse proved not to be the case in June when the 40-day crossed above the 200-day. Overall, we continue to view the recent loss of retracement support at 0.9953 and the clear trend downwards as strong pointers to a retest of the 0.98 area.




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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