21 Aug 2013
Flash: No change in bearish CAD/JPY view - TD Securities
FXstreet.com (Barcelona) - Research Teams at TD Securities said that was no change in their bearish CAD/JPY view.
Key Quotes:
“The CAD is making a little progress to the downside but the market is struggling to extend the slide much below 93.50 at the moment”.
“The risk of a snap back might be rising near-term but the broader move down is intensifying, according to our reading of a range of oscillator studies”.
“That should mean limited corrective potential higher for now”.
“Price action has been negative since last Thursday’s sell-off formed a bearish outside range reversal at the 50% retracement resistance of the late July/early August sell-off”.
“The breakdown from the rising bear wedge that formed
through June/July targets a drop to the mid-87 area.
“Medium/long-term signals are strongly bearish”.
Key Quotes:
“The CAD is making a little progress to the downside but the market is struggling to extend the slide much below 93.50 at the moment”.
“The risk of a snap back might be rising near-term but the broader move down is intensifying, according to our reading of a range of oscillator studies”.
“That should mean limited corrective potential higher for now”.
“Price action has been negative since last Thursday’s sell-off formed a bearish outside range reversal at the 50% retracement resistance of the late July/early August sell-off”.
“The breakdown from the rising bear wedge that formed
through June/July targets a drop to the mid-87 area.
“Medium/long-term signals are strongly bearish”.