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Flash:We remain bullish on the broader outlook for USD/CAD – TD Securities

FXstreet.com (Barcelona) - According to Shaun Osborne, Chief FX Strategist at TD Securities, “the USD/CAD has slipped out of the lower end of the bull trend channel that has guided that market higher over the past two weeks."

Osborne went on to note, “losses have been limited to the low 1.03 area—about where we expected—with 1.0341, the early March peak, representing the upper limit of a broader band of short-term support we think should contain losses at or close to 1.03. Short term price signals support the impression of firm demand for USD on dip for the moment—the 6 hour candle chart, above, shows the USD sell-off stalling through late Asian/early European dealing and picking up some support through the latter part of European morning trade.”

In conclusion Osborne added, “we noted signs of a little weakness creeping into the daily price action picture yesterday but stressed that things would only really turn more obviously sour in the event of a much more significant sell off in USD/CAD over the balance of the session. But we did not see losses extend in a way that would suggest a significant top/reversal is forming here and, with support in the low 1.03 area holding (recall weekly bull break out resistance, now support, stands at 1.0305), we remain bullish on the broader outlook.”

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