26 Jan 2015
USD/CAD making a short term correction
FXStreet (Guatemala) - USD/CAD is currently trading at 1.2416 with a high of 1.2477 and a low of 1.2405 and down 0.04% on the day.
USD/CAD has turned away from the highs and trades with a bearish bias technically, despite the underlying bearish fundamentals towards the Canadian dollar.
The trend on the longer term charts are deeply entrenched with a bullish bias and analysts at TD Securities explained that while the alignment of bullish trend indicators cannot prevent a short-term correction (if, indeed, one develops), the positive constellation of oscillators means that it is hard seeing much more than a short-term (and relatively shallow) “trading correction” in USD/CAD develop from here.
USD/CAD has turned away from the highs and trades with a bearish bias technically, despite the underlying bearish fundamentals towards the Canadian dollar.
The trend on the longer term charts are deeply entrenched with a bullish bias and analysts at TD Securities explained that while the alignment of bullish trend indicators cannot prevent a short-term correction (if, indeed, one develops), the positive constellation of oscillators means that it is hard seeing much more than a short-term (and relatively shallow) “trading correction” in USD/CAD develop from here.