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Forex Flash: USD/CAD consolidates, trend remains higher – TD Securities

FXstreet.com (Barcelona) - The USD/CAD traded in a narrow range for the 5th straight day, closing down five pips at 1.0257. The recent consolidation seems healthy after the big move up last week and is supportive of the longer term trend higher.

According to Shaun Osborn, Chief FX Strategist of TD Securities, “Sideways trading in USD/CAD allows for little more than a run through of the levels and themes we have been developing over the past little while. USD/CAD has slipped modestly below short-term trend/consolidation support, suggesting that the current phase of consolidation may last a little longer and could see spot slip back to the low 1.02 area.”

He went on to add, “The daily chart reflects a lot of the themes noted above—consolidation amid a strong, underlying bull trend. The rally from the January low has followed a nice bull “wave” structure and the rally/consolidation/break out pattern of trade since February implies scope for a push to the 1.06 area. From here, only a move sub-1.01 changes the bullish picture.”

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