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24 Feb 2015
USD/CAD bullish for 1.2695 - TDS
FXStreet (Barcelona) - Shaun Osborne, Chief FX Strategist at TD Securities, notes technicals suggest that USD/CAD trend remains bullish, with the pair eyeing 1.2695 levels on the back of the stronger Dollar.
Key Quotes
“Technical pointers are bullish for USDCAD on all but the very short-term charts; trend momentum signals are bullishly aligned across a range of timeframes, implying limited downside scope and a bias toward USD strength.”
“We look for USDCAD support in the high 1.25s this morning and for a push on to test 1.2695/05 break out resistance within the coming day or so.”
“Broader patterns suggest that the USD bull trend is trying to get back on track—price action today may well determine to a large extend whether the USD rally is sustained or whether we fall back into the consolidation range.”
“On the crosses, we remain bullish on GBPCAD still (new cycle highs today above 1.95—we continue to target 2.02), negative on CADJPY and neutral (broadly) on EURCAD.”
Key Quotes
“Technical pointers are bullish for USDCAD on all but the very short-term charts; trend momentum signals are bullishly aligned across a range of timeframes, implying limited downside scope and a bias toward USD strength.”
“We look for USDCAD support in the high 1.25s this morning and for a push on to test 1.2695/05 break out resistance within the coming day or so.”
“Broader patterns suggest that the USD bull trend is trying to get back on track—price action today may well determine to a large extend whether the USD rally is sustained or whether we fall back into the consolidation range.”
“On the crosses, we remain bullish on GBPCAD still (new cycle highs today above 1.95—we continue to target 2.02), negative on CADJPY and neutral (broadly) on EURCAD.”