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USD/CAD choppy but 1.10 may cap for now - TD Securities

FXStreet (Łódź) - The TD Securities team of analysts observe that after trading above the 1.10 level on Tuesday, USD/CAD fell below it giving up all the gains made on the day by the close of the session.

Key quotes

"Absent any top tier US or Canadian data today, the markets will continue to focus on the price action. And here, the news is not especially good for the USD."

"After Monday’s rally, yesterday’s pronounced slide back from the highs to the day’s opening levels leaves a big black mark on the charts, with price action forming a 'doji' candle (stalling signal) right on the 61.8% retracement resistance of the March/July drop at 1.1027. That might be it for the push up in funds for now."

"While we remain generally bullish on the outlook for USD/CAD, we think short-term risks are geared more towards a drop back to the 1.08 area rather than pushing north of 1.10."

"Intraday, price action looks soft and we think the high for our session might already be in."

"We spot support at 1.0950 this morning but weakness below here should see USD/CAD slide back under 1.09."

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