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12 Feb 2013
Forex Flash: After overshooting 1.0050, USD/CAD likely to consolidate - TDS
After USD/CAD overshot 1.0050 TDS upside target, "the market may now consolidate near-term" notes Shaun Osborne, Chief FX Strategist at TDS.
Shaun adds: "There is no obvious sign of a big turn lower in the market at this point, however, so consolidation, rather than reversal seems to be the order of the day. We look for support in the 1.0035/40 area now. Below here and the market might ease back to 0.9990/00. We still think this is a buy dips market."
Shaun adds: "There is no obvious sign of a big turn lower in the market at this point, however, so consolidation, rather than reversal seems to be the order of the day. We look for support in the 1.0035/40 area now. Below here and the market might ease back to 0.9990/00. We still think this is a buy dips market."