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20 Mar 2013
Forex Flash: USD/CAD, look to buy dips to the low 1.02 - TDS
FXstreet.com (Barcelona) - Despite the recovery on the USD/CAD, printing its highest at 1.0280, Shaun Osborne, Chief FX Strategist at TDS, notes "we are a little cautious on topside prospects still."
While we do think the retracement lower from the 1.0340 high may have run its course after finding good support close to the 38.2% Fibonacci retracement zone, broader trend dynamics are still fairly weak. The short-term scenario favours range-trading rather than a bullish break out. We would still rather look to buy dips—to the low 1.02 area—than chase this market higher."