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25 Feb 2013
Forex Flash: USD is downtrend against CAD - BBH
Marc Chandler, Global Head of Currency Strategy at Brown Brothers Harriman notes that USD has moved above a down trendline against the Canadian dollar going back to the 2011 high near CAD1.0660.
He writes, “It came in near CAD1.0235 last week. Additional near-term resistance is seen near CAD1.0270. A convincing break could spur a move toward CAD1.0450-CAD1.0500. Although nearby support is seen near CAD1.0150, it probably takes a move back below CAD1.01 to call the bullish US dollar outlook into question.”
He writes, “It came in near CAD1.0235 last week. Additional near-term resistance is seen near CAD1.0270. A convincing break could spur a move toward CAD1.0450-CAD1.0500. Although nearby support is seen near CAD1.0150, it probably takes a move back below CAD1.01 to call the bullish US dollar outlook into question.”