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27 Mar 2013
Forex: USD/CAD stabilizes around 1.0160/65
FXstreet.com (Barcelona) - The Canadian dollar is trimming earlier gains after hitting session highs against the greenback in the region of 1.0150, pushing the cross to the current area of 1.0160/65
In the view of the research team at TD Securities “There is nothing in the short-term price action to suggest that the move lower is not going to extend. The market has found some modest support at 1.0150/60 so far today but the USD has barely bounced at all. We think the trend lower remains intact. Look to sell modest USD rallies”.
USD/CAD is now up 0.03% at 1.0167 facing the next resistance at 1.0222 (MA10d) ahead of 1.0251 (MA21d) and then 1.0315 (high Mar.8).
On the flip side, a breakdown of 1.0160 (low Feb.22) would aim for 1.0055 (low Feb.18) en route to 0.9995 (high Feb.5).
In the view of the research team at TD Securities “There is nothing in the short-term price action to suggest that the move lower is not going to extend. The market has found some modest support at 1.0150/60 so far today but the USD has barely bounced at all. We think the trend lower remains intact. Look to sell modest USD rallies”.
USD/CAD is now up 0.03% at 1.0167 facing the next resistance at 1.0222 (MA10d) ahead of 1.0251 (MA21d) and then 1.0315 (high Mar.8).
On the flip side, a breakdown of 1.0160 (low Feb.22) would aim for 1.0055 (low Feb.18) en route to 0.9995 (high Feb.5).