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Forex Flash: USD/CAD’s trend lower is not slowing. It's accelerating - TD Securities

By FXstreet.com,  August 09, 2012, 03:08:00 PM EDT

FXstreet.com (San Francisco) - The USD/CAD has reached fresh 3-month low at 0.9912 on Thursday following its fifth negative session on row. Currently the USD/CAD is pricing at 0.9925, 0.19% below opening price action. "USD/CAD's trend lower is not slowing. If anything, it is accelerating," comments the TD analysts Greg Moore and Shaun Osborne in a recent report.

"That is the message from the short-term charts today," TD continues. "We noted the narrowing range on the 6-hour chart yesterday as a warning that the move down may be losing momentum but weakness below the 0.9925 support point this morning suggests that the move lower is, in fact, at some risk here of picking up speed."

"Short-term channel parameters suggest a test of the low 0.98 area is on the cards from here," concluded Moore and Osborne. "Minor resistance at 0.9925/50 now, stronger at 0.9980/85."




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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