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15 Jul 2013
Flash: USD/CAD recovering – TD Securities
FXstreet.com (London) - Research teams at TD Securities noted that USD/CAD has recovered some ground from last week’s dip to the 1.0325/30 area.
However, they said the move up has been a grind and this morning’s failure to push back through the 1.0420/25 area the late May peak and former support, so far suggests that the market is still carrying a fair bit of drag behind it after last week’s sharp fall. “We continue to lean more bullishly on the USD broadly and USD/CAD specifically. We spot key short-term support at 1.0390. Above 1.0435 intraday is a plus.”
However, they said the move up has been a grind and this morning’s failure to push back through the 1.0420/25 area the late May peak and former support, so far suggests that the market is still carrying a fair bit of drag behind it after last week’s sharp fall. “We continue to lean more bullishly on the USD broadly and USD/CAD specifically. We spot key short-term support at 1.0390. Above 1.0435 intraday is a plus.”