FXstreet.com (Barcelona) - USD/CAD short term bull tone has faltered throughout the day, denying the sustainability of prices above psychological parity level. The present weakness sees some further room to extend until immediate 0.9950 support level.
Shaun Osborne, Chief FX Strategist at TDS, notes: "0.9950 remains the short-term pivot for the market we think—the USD remaining better bid overall above here and likely to turn better offered below. We still prefer to buy dips while 0.9950 holds."
The TDS Analyst stresses the market remains in uptrend mode enjoying "fairly strong bullish momentum, according to the daily and weekly studies" he says. Shaun concludes his analysis adding that at the moment there seems to be "little scope for weakness although new highs are needed." He expects 1.0050/1.0150 range to be established soon.
Shaun Osborne, Chief FX Strategist at TDS, notes: "0.9950 remains the short-term pivot for the market we think—the USD remaining better bid overall above here and likely to turn better offered below. We still prefer to buy dips while 0.9950 holds."
The TDS Analyst stresses the market remains in uptrend mode enjoying "fairly strong bullish momentum, according to the daily and weekly studies" he says. Shaun concludes his analysis adding that at the moment there seems to be "little scope for weakness although new highs are needed." He expects 1.0050/1.0150 range to be established soon.
