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19 Mar 2014
Flash: USD/CAD creating a new dimension - TDS
FXStreet (Guatemala) - Strategists at TD Securities explained that the break in USD/CAD above resistance in the 1.1140 area takes on another dimension on the daily charts.
Key Quotes:
“A bull break out from the triangle consolidation in play since the late January peak in spot, driven by yesterday’s bullish outside range session”.
“These consolidations usually resolve in the direction of the underlying trend, as is the case here (higher)”.
“The break out targets a rise in the low 1.15s over the next 1-2 months but we note that a clear move through 1.1225/35 (50% retracement of the 1.31/0.94 move down) would suggest a move towards 1.1650/1.17 in the slightly longer (3-6 months) run”.
Key Quotes:
“A bull break out from the triangle consolidation in play since the late January peak in spot, driven by yesterday’s bullish outside range session”.
“These consolidations usually resolve in the direction of the underlying trend, as is the case here (higher)”.
“The break out targets a rise in the low 1.15s over the next 1-2 months but we note that a clear move through 1.1225/35 (50% retracement of the 1.31/0.94 move down) would suggest a move towards 1.1650/1.17 in the slightly longer (3-6 months) run”.