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11 Mar 2015
USD/CAD: Analysts favouring the long side
FXStreet (Guatemala) - USD/CAD is currently trading at 1.2754 with a high of 1.2799 and low of 1.2662.
USD/CAD is well bid on the way through the US shift, and heading towards the 2009 levels which will bring the 1.30 handle in to focus for the bulls. This move has come on the back of the February/March “bull wedge” consolidation, implying a resumption of the broader bull trend is developing, as noted by Shaun Osborne, Chief FX Strategist analysts at TD Securities.
"I am still inclined to think that additional, sharp USD/CAD gains may be hard to sustain at this point (narrowing spread between the 28– and 40-day MA signals suggest some loss of dynamism) but, as noted above, the alignment of bullish oscillator signals is something to be ignored at one’s own peril," explained Osborne. "Have to favour USD longs here; sustained gains through the late January high at 1.2808 adds to broader USD bullish momentum."
USD/CAD is well bid on the way through the US shift, and heading towards the 2009 levels which will bring the 1.30 handle in to focus for the bulls. This move has come on the back of the February/March “bull wedge” consolidation, implying a resumption of the broader bull trend is developing, as noted by Shaun Osborne, Chief FX Strategist analysts at TD Securities.
"I am still inclined to think that additional, sharp USD/CAD gains may be hard to sustain at this point (narrowing spread between the 28– and 40-day MA signals suggest some loss of dynamism) but, as noted above, the alignment of bullish oscillator signals is something to be ignored at one’s own peril," explained Osborne. "Have to favour USD longs here; sustained gains through the late January high at 1.2808 adds to broader USD bullish momentum."