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17 Jun 2013
USD/CAD holds in negative territory
FXstreet.com (New York) - The USD/CAD has stubbornly remained in negative territory Monday, despite relatively a narrow trading range thus far of 31 pips (1.0146 – 1.0177).
In Canada, the Canadian portfolio investment in foreign securities (April) has come in at $2.81B, compared with $3.81B previously. In addition, the Foreign portfolio investment in Canadian securities was reported at $14.91B in April, vs. projections calling for $4.59B.
USD/CAD downside not abating
“The USD/CAD retains a soft bias but the short-term trend lower off the May highs does appear to be slowing. Price patterns through late June suggest a falling wedge pattern – indicating weakening downside pressure on USD/CAD. The USD needs to trade through 1.0175/95 to stabilize near-term however, and only gains through 1.0200/25 would imply any potential to strengthen.” warns the TD Securities Team.
Technically speaking, the pair is operating sideways 1.0159, or -0.14% in these moments. The USD/CAD will look towards supports at 1.0135 followed by 1.0111, and finally 1.0080. Alternatively, a movement to the upside and a paring of losses will usher in resistances at 1.0185, then 1.0211, and eventually 1.0235, calculates the Mataf.net analyst team.
In Canada, the Canadian portfolio investment in foreign securities (April) has come in at $2.81B, compared with $3.81B previously. In addition, the Foreign portfolio investment in Canadian securities was reported at $14.91B in April, vs. projections calling for $4.59B.
USD/CAD downside not abating
“The USD/CAD retains a soft bias but the short-term trend lower off the May highs does appear to be slowing. Price patterns through late June suggest a falling wedge pattern – indicating weakening downside pressure on USD/CAD. The USD needs to trade through 1.0175/95 to stabilize near-term however, and only gains through 1.0200/25 would imply any potential to strengthen.” warns the TD Securities Team.
Technically speaking, the pair is operating sideways 1.0159, or -0.14% in these moments. The USD/CAD will look towards supports at 1.0135 followed by 1.0111, and finally 1.0080. Alternatively, a movement to the upside and a paring of losses will usher in resistances at 1.0185, then 1.0211, and eventually 1.0235, calculates the Mataf.net analyst team.