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May 10, 2013
Forex: USD/CAD sidelined around 1.0120
FXstreet.com (Barcelona) - The upside in the US dollar seems to be taking a breather on Friday, as the cross is flat-lining around 1.0120.
“The rebound has strongly bullish implications as the rally formed a key reversal day… We think the correction lower in funds has run its course now. Gains through 1.0130/40 short-term resistance should propel USD/CAD back towards the mid/upper 1.02 area…We remain longer-term USD/CAD bulls”, recommended G.Moore and S.Osborne, FX Strategists at TD Securities.
The pair is now advancing 0.52% at 1.0120 facing the next hurdle at 1.0132 (high May 3) and then 1.0155 (MA21d).
On the flip side, a breakdown of 1.0064 (low May 10) would clear the way to 1.0014 (low May 9) and finally 0.9995 (high Feb.5).
“The rebound has strongly bullish implications as the rally formed a key reversal day… We think the correction lower in funds has run its course now. Gains through 1.0130/40 short-term resistance should propel USD/CAD back towards the mid/upper 1.02 area…We remain longer-term USD/CAD bulls”, recommended G.Moore and S.Osborne, FX Strategists at TD Securities.
The pair is now advancing 0.52% at 1.0120 facing the next hurdle at 1.0132 (high May 3) and then 1.0155 (MA21d).
On the flip side, a breakdown of 1.0064 (low May 10) would clear the way to 1.0014 (low May 9) and finally 0.9995 (high Feb.5).