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2 Apr 2013
Forex: USD/CAD retraces from highs
FXstreet.com (Barcelona) - The Canadian dollar is trading in a soft tone against the greenback on Tuesday, currently navigating around the mid 1.0100s after hitting lows in the vicinity of 1.0160.
Analysts at TD Securities comments, “Fresh short-term cycle lows keeps the focus on the downside for USD/CAD in the short-term, at least… We doubt the market will have the legs to retest 1.0185 for some time. Look to sell modest USD rallies. We target a drop to 1.0080/90 near-term but losses may extend beyond that”.
The cross is now losing 0.19% at 1.0148 with the next support at 1.0125 (MA55d) ahead of 1.0102 (low Feb.19) and then 1.0055 (low Feb.18).
On the flip side, a breakout of 1.0183 (high Apr.1) would aim for 1.0192 (MA10d) and finally 1.0229 (MA21d).
Analysts at TD Securities comments, “Fresh short-term cycle lows keeps the focus on the downside for USD/CAD in the short-term, at least… We doubt the market will have the legs to retest 1.0185 for some time. Look to sell modest USD rallies. We target a drop to 1.0080/90 near-term but losses may extend beyond that”.
The cross is now losing 0.19% at 1.0148 with the next support at 1.0125 (MA55d) ahead of 1.0102 (low Feb.19) and then 1.0055 (low Feb.18).
On the flip side, a breakout of 1.0183 (high Apr.1) would aim for 1.0192 (MA10d) and finally 1.0229 (MA21d).