FXstreet.com (San Francisco) - The USD/CAD is trading at 1.0135, close to 1-week low at 1.0130, the pair is falling 0.54% so far today from opening price action, "USD/CAD remains pinned down between the 200-day MA support (1.0110) and the 40-day MA (1.0245)," says the TD Securities research team."
"Trend momentum is weak and declining currently, suggesting that the current range drift will continue for now," TD continues. "We still tend to think the set up here is potentially USD-supportive following the market bounce from the 200-day MA earlier in July – though the failure at the 40-day MA yesterday suggests a test of the low 1.03 area (channel resistance) will have to wait."
"Overall," TD concludes, "we still prefer to look for opportunities to buy into USD weakness."
"Trend momentum is weak and declining currently, suggesting that the current range drift will continue for now," TD continues. "We still tend to think the set up here is potentially USD-supportive following the market bounce from the 200-day MA earlier in July – though the failure at the 40-day MA yesterday suggests a test of the low 1.03 area (channel resistance) will have to wait."
"Overall," TD concludes, "we still prefer to look for opportunities to buy into USD weakness."
