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USD/CAD consolidation continues – TD Securities

FXStreet (Barcelona) - According to the Analysts at TD Securities, the USD/CAD consolidation continues, with the pair having tested both the sides of the 1.1380-1.1250 trading range over the past few days without any indication of a break at either levels.

Key Quotes

“The broader trend in USDCAD remains higher and spot still looks relatively cheap against our FV regression estimate of 1.1440 or so and the continued pressure on commodity prices suggests little in the way of a major rebound in the CAD at this point.“

“Technically, the charts suggest that the USDCAD has peaked intraday, with the initial push higher in early European dealing reversing sharply to pressure funds back to the low 1.13s.”

“We expect some support around the 1.13 area but firmer support to emerge on weakness to the mid/upper 1.12s for now.”

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