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Flash: New cycle highs remain a strong possibility in USD/CAD - TD Securities

According to Shaun Osborne, Chief FX Strategist at TD Securities, “No real change in the short-term trend in USD/CAD with funds trading snugly up against channel support earlier in the day before rallying. With the USD, so far at least, maintaining the short-term bull trend, the oscillator studies on the 6-hour chart (above) remain in bullish territory and that means the studies remain in alignment on the short, medium and long-term timeframes—something we look for as confirmation of a sustainable trend. We look for a retest of the 1.04 zone soon and look for support in the low 1.03 area to hold. Buy USD dips remains the mantra.”

Osborne then went on to say, “the daily pattern of trade remains constructive. Trend studies are positively aligned for the USD across the hourly, daily and weekly charts, as we outlined above. This is a situation which typically gives us a lot of confidence in the durability of a trend and the likely ability of support points (in this case) to withstand counter-trend corrections. .

On a final note Osborne commented, “Last week’s dip from the high was a minor strike against the trend but the bullish position of the trend momentum indicators led us to conclude that USD/CAD losses were likely to remain limited. New cycle highs remain a strong possibility we think. we continue to look for solid support on dips (low 1.03 area) and for a push on to the 1.06 area in the weeks ahead. We expect USD/CAD gains to pick up a bit more momentum above 1.04. “

Flash: New Zealand's economy has gained momentum – Rabobank

According to analysts at Rabobank, “New Zealand’s economy performed fairly well in 2012 growing 2.5% for the year as a whole. This is the fastest annual expansion in five years i.e., since 2007. The economy ended 2012 on a strong note with the economy expanding 1.5% QoQ in 4Q 2012. Growth of this magnitude is unlikely to continue into 2013 but we do forecast ongoing decent growth of 2.5% YoY.”
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Forex Flash: AUD has peaked cyclically; targets 0.92USD by year end - ANZ

Analysts at ANZ believe that “the AUD has peaked cyclically, and the NZD is likely to be in a broader peaking phase,” they add. “Domestic Australian fundamentals have been deteriorating for some time, indicating that the key questions relate to the timing of a sustained currency decline, rather than its existence,” the analysts suggest.
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