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26 May 2014
USD/CAD to re-test 1.08? - TD Securities
FXStreet (Guatemala) - Short-term trends turned a bit less supportive for the USD late last week and funds has started off on a soft note overall in today’s becalmed markets.
Key Quotes:
“While the USD made good progress through the low 1.09 area earlier in the month, the turn lower in the USD subsequently leaves USD/CAD looking a little exposed to the downside again. 1.0930/35 is key short-term resistance on the topside now”.
“We spot support at 1.0850 on the 6-hour chart, above, but the heavy tone to the market right now and strengthening bear momentum on the short-term charts broadly suggests that a retest of the low 1.08 area might be seen in the next few days”.
Key Quotes:
“While the USD made good progress through the low 1.09 area earlier in the month, the turn lower in the USD subsequently leaves USD/CAD looking a little exposed to the downside again. 1.0930/35 is key short-term resistance on the topside now”.
“We spot support at 1.0850 on the 6-hour chart, above, but the heavy tone to the market right now and strengthening bear momentum on the short-term charts broadly suggests that a retest of the low 1.08 area might be seen in the next few days”.