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Forex: USD/CAD upside losing impetus

FXstreet.com (Barcelona) - Stronger-than-expected Canadian Building Permits during March, expanding 8.6% vs. the median at 0.9% gave renewed strength to the CAD, now dragging the cross to the area of 1.0075/80 after climbing to the 1.0090 region.

”We still view USD/CAD is modestly undervalued from a fundamental perspective (we see fair value closer to 1.05 at the moment) and look for the CAD to under-perform in the months ahead”, suggested FX Strategists at TD Securities G.Moore and S.Osborne.

At the moment the cross is up 0.04% at 1.0078 with the next hurdle at 1.0173 (50% of 1.0295-1.0051) followed by 1.0178 (MA21d) and finally 1.0203 (61.8% of 1.0295-1.0051).
On the downside, a drop below 1.0060 (low May 2) would then target 1.0051 (low May 1) and finally 1.0017 (61.8% of 0.9815-1.0343).

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