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12 Feb 2013
Forex: USD/CAD in lows around 1.0020/25
The Canadian dollar is sharply appreciating against the greenback on Tuesday, falling from today’s highs in the boundaries of 1.0090 to the current session lows in the vicinity of 1.0020
“The short-term rally seems well-underpinned, on the basis of the bullishly-oriented DMI oscillator, so we rather think that losses should remain relatively shallow intraday. Weakness below 1.0045 does, however, suggest the risk of a modestly deeper pullback in the next day or two. For the moment, we remain constructive and look at modest USD weakness as a buying opportunity still”, explained the FX research team at TD Securities.
At the moment, USD/CAD is losing 0.24% at 1.0024 facing the next support at 0.9995 (MA10d) ahead of 0.9992 (MA200d) and finally 0.9971 (low Feb.8).
On the upside, a breakout of 1.0101 (highs Jan.25/28) would expose 1.0105 (Upper Bollinger) and 1.0106 (high Jul.27).
“The short-term rally seems well-underpinned, on the basis of the bullishly-oriented DMI oscillator, so we rather think that losses should remain relatively shallow intraday. Weakness below 1.0045 does, however, suggest the risk of a modestly deeper pullback in the next day or two. For the moment, we remain constructive and look at modest USD weakness as a buying opportunity still”, explained the FX research team at TD Securities.
At the moment, USD/CAD is losing 0.24% at 1.0024 facing the next support at 0.9995 (MA10d) ahead of 0.9992 (MA200d) and finally 0.9971 (low Feb.8).
On the upside, a breakout of 1.0101 (highs Jan.25/28) would expose 1.0105 (Upper Bollinger) and 1.0106 (high Jul.27).