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USD/CAD triggers short term double top - TDS

FXStreet (Guatemala) - Analysts at TD Securities explained that the USD/CAD’s technical fortunes have taken a nasty turn for the worse over the past 48 hours.

Key Quotes:

“From knocking on the door of 1.10 earlier in the week, the USD’s sharp slide has taken funds back to and just about through the mid-August low—effectively triggering a short-term double top on the charts”.

“Price action is choppy in the early part of our session and follow through selling so far has been limited”.

“But the risks are clear—a measured move drop to 1.0735/40 which effectively takes back about 2/3 of the July/August rally. Seasonal trends turn a little more USD-adverse from here though early October, supporting the outlook for more weakness, if only in the short-term”.

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