28 Apr 2015
USD/CAD shorts remained favoured, targeting 1.19 area – TDS
FXStreet (Barcelona) - FX Strategists at TD Securities, maintain their bearish view on USD/CAD, anticipating a drop to 1.19 levels, while resistance at 1.21 caps any gains.
Key Quotes
“We continue to recommend short USDCAD positions and target a drop to the low 1.19 area (measured move target) as a consequence of the break under the double/triple top neckline at 1.2360 earlier this month.”
“Intraday, we expect resistance in the 1.21 area; only gains back above 1.2115 relieves the intraday pressure on the USD at this point.”
“Look to fade minor USD gains; the trend favours a weaker USD in the short run at least.”
“We also favour CADJPY longs as a play around this week’s central bank meetings.”
Key Quotes
“We continue to recommend short USDCAD positions and target a drop to the low 1.19 area (measured move target) as a consequence of the break under the double/triple top neckline at 1.2360 earlier this month.”
“Intraday, we expect resistance in the 1.21 area; only gains back above 1.2115 relieves the intraday pressure on the USD at this point.”
“Look to fade minor USD gains; the trend favours a weaker USD in the short run at least.”
“We also favour CADJPY longs as a play around this week’s central bank meetings.”