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14 Feb 2014
Flash: USD/CAD top playing out- TD Securities
FXStreet (Guatemala) - Shaun Osbourne, Chief FX Strategist at TD Securities explained that they continue to see an important top/reversal playing out in USD/CAD after the market peaked above 1.12.
Key Quotes
"Technically, we continue to see an important top/reversal playing out in funds after the market peaked above 1.12; the correction lower has edged beneath retracement support in the upper 1.09s that had held up the market earlier in the week (around 1.0975/80) and the market is clearly trading with a softer bias running into the weekend."
"We think USD/CAD may reach the 1.09 area (1.0907 is the 50% retracement of the January rally) in the next few days but that would leave funds looking in a very attractive position for resetting USD longs ahead of next week’s retail sales and CPI data."
Key Quotes
"Technically, we continue to see an important top/reversal playing out in funds after the market peaked above 1.12; the correction lower has edged beneath retracement support in the upper 1.09s that had held up the market earlier in the week (around 1.0975/80) and the market is clearly trading with a softer bias running into the weekend."
"We think USD/CAD may reach the 1.09 area (1.0907 is the 50% retracement of the January rally) in the next few days but that would leave funds looking in a very attractive position for resetting USD longs ahead of next week’s retail sales and CPI data."