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Thursday, 18 Jul '13
Flash: USD/CAD showing overbought signals? – TD Securities
The TD Securities Team looks at the state of the USD/CAD and analyzes the technical layout of the pair.
USD/CAD weakness may persist
On the charts, “The USD/CAD remains stuck around the 1.04 area – the mid-point of the broader bull trend in place for the past few months. Weak/mixed trend momentum signals suggest that this situation may persist for the moment.”
Ultimately, “As the market continues to work off the USD’s overbought signals from earlier in the month we look for 1.0350/1.0450 as the rough, near-term range.” the team adds.
