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Forex Flash: USD/CAD may trade above 1.0205/10 intraday – TD Securities

FXstreet.com (Barcelona) - The CAD has caught a modest bid since the start of the week amid investor concerns about developments in the Eurozone but this is only partially offsetting underlying worries about the Canadian economy, according to TD Securities analysts, expecting domestic data this week to underscore weak inflation and the soft growth trends evident late last year spilling over into the early part of 2013 to reinforce the “low for a lot longer” message on BoC policy settings.

Regarding the charts, the USD/CAD remains supported in the upper 1.01 zone: “Note that a potential bull wedge consolidation may allow for a drop to the 1.0160 area, a little below trend line support which is under some pressure currently”, wrote analysts Shaun Osborne and Greg Moore, forecasting USD strength intraday, above 1.0205/10. “The technical story gets a lot more constructive for USD/CAD above 1.0255/60”, they added.

European markets react to Dijsselbloem (North up, South down)

The German DAX 30 (+0.13%) and the French CAC 40 (+0.53%) are up today while the Italian FTSE MIB (-1.35%), the Spanish IBEX 35 (-1.02%) and the Greek ATHEX (-5.36%) fall on Tuesday in reaction to Eurozone President and Dutch Finance Minister Jeroen Dijsselbloem comments, saying that uninsured deposits should contribute to bank rescue before taxpayers. ECB’s Couere replied to Dijsselbloem today, rejecting the idea that the Cyprus bailout is a new model for Europe, adding that there’s no reason to think French banks have the same problem as Cyprus. Also, he indicated that the troubles in Cyprus only show the need for ECB to be independent supervisor of banks in Europe.
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Forex: EUR/USD around 1.2855/60 ahead of US data

The shared currency is trading almost unchanged on Tuesday, ahead of the relevant data in the US economy from the Durable Goods Orders, Consumer Confidence and New Home Sales...
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