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26 Apr 2013
Forex Flash: USD/CAD vulnerable of an extension lower – TDS
FXstreet.com (Barcelona) - USD/CAD is last trading near fresh session and 9-day lows at 1.0202, selling off from yesterday's top at 1.0279. “We noted that short-term trend strength was easing yesterday and that 1.0234 support was key for the near-term view,” said Toronto based FX Research Team at TD Securities.
“So the push under the support zone so far today leaves the market vulnerable to an extension lower,” the team suggests, adding: “Failures in the upper 1.02 zone (double top) and the push below the intervening low (double top trigger) suggest potential for a drop back to 1.0175 in the next 3-5 days,” they conclude.
“So the push under the support zone so far today leaves the market vulnerable to an extension lower,” the team suggests, adding: “Failures in the upper 1.02 zone (double top) and the push below the intervening low (double top trigger) suggest potential for a drop back to 1.0175 in the next 3-5 days,” they conclude.