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22 Jan 2015
USD/CAD/ buy on dips - TDS
FXStreet (Guatemala) - Analysts at TD Securities explained that they noted earlier this week that the USD/CAD rally was showing signs of accelerating, which subsequent price action seems to have confirmed.
Key Quotes:
"Considering yesterday's spike, the sideways consolidation over the past 24 hours or so is no great surprise, however. The short-term charts suggest that USD/CAD still has some back and filling to do potentially to fill a gap on the hourly chart between 1.2145/1.2245 but dips—if we even see anything that low—are liable to remain short-lived."
"Trend momentum studies are aligned across a range of time frames, suggesting little or no scope for a sustained drop in the USD at this point. We rather think that modest dips in USD/CAD remain a buy. Have to think major support exists in the low/mid 1.21 area at present."
Key Quotes:
"Considering yesterday's spike, the sideways consolidation over the past 24 hours or so is no great surprise, however. The short-term charts suggest that USD/CAD still has some back and filling to do potentially to fill a gap on the hourly chart between 1.2145/1.2245 but dips—if we even see anything that low—are liable to remain short-lived."
"Trend momentum studies are aligned across a range of time frames, suggesting little or no scope for a sustained drop in the USD at this point. We rather think that modest dips in USD/CAD remain a buy. Have to think major support exists in the low/mid 1.21 area at present."