Flash: USD/CAD still searching for breakout – TD Securities

FXstreet.com (New York) – The USD/CAD trading retains a positive technical bias in our opinion but a clear and sustained upside break out remains so far elusive, notes the TD Securities Team.

Key quotes

“USD/CAD has been consolidating in the past few days following last Friday’s peak above 1.0550.”

“We think the market is coiling ahead of another move up—forming a bull flag/bull wedge. An early attempt today to move up through the consolidation ceiling (bull trigger) has not generated a lot of follow through but we think the break out should be sustained.”

“We look for a push back to 1.5065/70 to …read more